May 18, 08:16 AM

Eric Council Jr. Sentenced 14 Months for SEC X Account Hack; Coinbase Hack Causes $2 Million Crypto Loss

Eric Council Jr., a 26-year-old man, was sentenced to 14 months in prison for hacking the U.S. Securities and Exchange Commission's (SEC) official X account in January 2024. Using a fake ID, a new iPhone, and a SIM swap attack, Council and his co-conspirators bypassed multi-factor authentication to post false information that caused a spike in Bitcoin's price. The hack was part of a broader wave of cyber fraud incidents, including a separate Coinbase exchange breach that affected nearly 1% of its users. Among the victims was Ed Suman, a retired art fabricator who lost a $2 million cryptocurrency nest egg in Bitcoin and Ethereum to a fake Coinbase impersonator. These events highlighted vulnerabilities in cryptocurrency platforms and the potential financial damage caused by cyberattacks.

#SEC #iPhone #SIM #Council #Bitcoin #Coinbase #Ed Suman #Ethereum

Written with ChatGPT (GPT-4).

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Eric Council Jr. Sentenced 14 Months for SEC X Account Hack; Coinbase Hack Causes $2 Million Crypto Loss

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