The FBI has announced the arrest of Eric Council Jr. from Alabama, accused of hacking into the SEC's X account and posting fraudulent messages regarding the approval of Bitcoin ETFs. The posts, sent in January, falsely claimed that the SEC had approved the listing of Bitcoin ETFs, leading to a significant price fluctuation in Bitcoin, which rose by $1,000 before dropping by $2,000. Council allegedly used the stolen identity of an individual associated with the account to perform a SIM swap and gain access. He reportedly received Bitcoin as payment for executing the SIM swap before trading an iPhone linked to the crime for cash. Council faces charges of identity theft conspiracy and device fraud and is scheduled to appear in court in Alabama on Thursday.

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