Arrest Made In SEC X Account Hack Prior To Bitcoin ETF Approval, FBI Says Phone Used To 'Manipulate Financial Markets'
Portfolio Pulse from Ivan Crnogatić
Eric Council Jr. was arrested for hacking the SEC's X account, falsely announcing Bitcoin ETF approval, causing Bitcoin's price to spike. The ETFs were approved the next day. The hack involved SIM swapping and led to charges of identity theft and fraud.
October 17, 2024 | 4:27 pm
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The hack of the SEC's X account falsely announcing Bitcoin ETF approval caused Bitcoin's price to spike by $1,000 before dropping $2,000. The ETFs were approved the next day.
The hack caused a temporary spike in Bitcoin's price, but the actual approval of ETFs the next day likely stabilized the market. The incident highlights the volatility and susceptibility of Bitcoin to market manipulation.
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RELEVANCE 80