FBI Arrests Alabama Man Who Allegedly Hacked SEC's X Account To Prematurely Announce Bitcoin ETF Approval
Portfolio Pulse from Rounak Jain
The FBI has arrested Eric Council Jr. for allegedly hacking the SEC's social media account to falsely announce a Bitcoin ETF approval, causing a temporary surge in Bitcoin's price. The incident underscores vulnerabilities in social media security for high-profile organizations.
October 19, 2024 | 5:49 am
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NEUTRAL IMPACT
The false announcement of a Bitcoin ETF approval led to a temporary surge in Bitcoin's price, followed by a sharp decline once the SEC regained control of its account.
The false announcement caused Bitcoin's price to initially rise by over $1,000, but it fell by more than $2,000 after the SEC clarified the breach. This highlights the sensitivity of Bitcoin's price to regulatory news, even if false.
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