Eric Council Jr. has pleaded not guilty to charges related to the hacking of the U.S. Securities and Exchange Commission's (SEC) X account, where a false tweet about the approval of Bitcoin exchange-traded funds was posted. During his arraignment on October 25, 2024, in Washington, D.C., Council faced a charge of conspiracy to commit aggravated identity theft and access device fraud. The alleged hack occurred in January 2024, with a SIM swap attack enabling the group to control the SEC’s account and post a tweet that temporarily pushed the price of Bitcoin up by over $1,000. This misleading information was later denied by SEC Chair Gary Gensler. Prosecutors are considering a plea deal for Council, though it's unclear if other arrests will be made related to this breach.

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