The FBI arrested an Alabama man Thursday in connection with the January hack of the Securities and Exchange Commission’s (SEC) account on the social platform X that briefly caused the price of bitcoin to spike. Eric Council Jr. allegedly used a SIM swap attack to take control of the SEC’s account, which was then used by others to falsely claim that the agency had approved several exchange-traded funds (ETFs) holding bitcoin. The price of bitcoin jumped by more than $1,000 following the fraudulent post. After the SEC regained control of the account and clarified that it had not approved the funds, the price of bitcoin dropped by more than $2,000. The fake post came at a moment
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