The FBI has apprehended Eric Council Jr., a 25-year-old individual from Athens, Alabama, charged with conspiracy to commit aggravated identity theft and access device fraud. Council was implicated in a hacking incident where the Securities and Exchange Commission's (SEC) official X account was breached in January 2024. On January 9, a false message was posted, falsely claiming that the SEC had approved the first Bitcoin exchange-traded funds (ETF) in the United States. This misleading announcement caused Bitcoin's price to surge by over $1,000, disrupting the markets. Approximately 15 minutes later, SEC Chair Gary Gensler clarified that the commission had not authorized any such listings and confirmed that the SEC's account had been compromised. This case highlights the ongoing risks of cybersecurity threats in financial sectors and the impact of misinformation on markets.

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