A 25-year-old man from Athens, Alabama, was arrested by the Federal Bureau of Investigation (FBI) for hacking the Securities and Exchange Commission’s (SEC) official X account in January.

According to an Oct. 17 statement, Eric Council Jr. was taken into custody following charges of conspiracy to commit aggravated identity theft and access device fraud.

According to federal authorities, Council is accused of being part of a group that hacked the SEC’s X account in January 2024 and posted a fake message on Jan. 9 claiming that the SEC had approved the first Bitcoin exchange-traded funds (ETF) of the United States.

The fake announcement led Bitcoin’s price to spike by over $1,000 following the tweet, leading to further shockwaves in markets.

Nearly 15 minutes later, SEC Chair Gary Gensler denied the news, claiming the commission had “not approved the listing and trading of spot bitcoin exchange-traded products,” adding that the regulator’s account had been compromised.

Source: Gary Gensler

This is a developing story, and further information will be added as it becomes available.