Eric Council Jr., a 26-year-old resident of Athens, Alabama, was sentenced to 14 months in prison for his involvement in a scheme to hack the U.S. Securities and Exchange Commission's (SEC) X account, manipulating Bitcoin's value. This announcement was made by U.S. Attorney Jeanine Ferris Pirro along with other officials from the Justice Department, SEC Inspector General Deborah Jeffrey, and FBI Assistant Director Steven J. Jensen.
Court documents reveal that since January 2024, Council conspired with others to conduct SIM swap attacks for financial gain. On January 9, 2024, Council executed a SIM swap on the mobile phone associated with the SEC's official X account. Using false information at an AT&T store in Huntsville, Alabama, he obtained a replacement SIM card linked to the victim’s phone line. He then activated this card on a new iPhone purchased from an Apple store and used it to receive password reset codes for the @SECGov X account.
A co-conspirator used these codes to post fraudulent announcements about SEC approval of Bitcoin Exchange Traded Funds (ETFs), causing Bitcoin's price to rise by over $1,000 before dropping more than $2,000 once the SEC confirmed the breach.
U.S. Attorney Pirro commented on the threat such schemes pose: “Schemes of this nature threaten the health and integrity of our market system.” Matthew R. Galeotti emphasized prosecuting those who compromise digital assets' integrity: “Prosecuting those who seek to enrich themselves by threatening the integrity of digital assets through fraud is critical.”
FBI Assistant Director Jensen remarked on Council’s actions: "Council brazenly used SIM-swapping and identity theft to manipulate the bitcoin market." SEC OIG Special Agent Amanda James reiterated their commitment to maintaining SEC program integrity: “Today’s sentencing exemplifies SEC OIG’s commitment...through thorough investigative oversight.”
Council admitted attempts at additional SIM swaps in June 2024 in Alabama. A search warrant executed by FBI agents at his residence uncovered fake identification materials and searches related to hacking and law enforcement investigations.
Known as "Ronin" and "Agiantschnauzer," Council was arrested on October 17, 2024. He pled guilty on February 10, 2025, admitting receipt of approximately $50,000 for performing SIM swaps. Besides imprisonment, Judge Amy Berman Jackson ordered forfeiture of $50,000 and three years of supervised release prohibiting computer use for dark web access or identity fraud.
The investigation involved several entities including FBI Washington Field Office Criminal Division and others within Justice Department divisions dedicated to cybercrime prosecution.
