FBI arrests suspect in SEC Twitter hack that sent Bitcoin soaring

The Federal Bureau of Investigations (FBI) announced on Thursday that it had arrested a man and charged him with hijacking the Twitter account (also known as approved Bitcoin ETFs. This false statement immediately caused the price of Bitcoin to rise.

Eric Council Jr. of Athens, Alabama, was arrested Thursday and charged with the crime. Authorities allege the 25-year-old used a “SIM swapping” technique to take over a phone number and ultimately gain unauthorized access to the SEC’s Twitter account. The price of Bitcoin shot up by more than $1,000 shortly after, but then plunged by $2,000 as the announcement was refuted.

“These SIM swapping schemes, in which fraudsters trick service providers into giving them control of unsuspecting victims’ phones, can result in devastating financial losses to victims and the loss of sensitive personal and private information,” U.S. Attorney Matthew Graves said in an explanation. “Here the conspirators are said to have used their illegal access to a telephone to manipulate the financial markets. Through charges like these, we will hold accountable those who commit these serious crimes.”

Editor’s note: This story is breaking news and will be updated with additional details.