A man from Alabama has revealed how he succeeded in hacking the X account of the SEC to post a crypto fraud.
Eric Council Jr., from Athens, argued guilty of conspiracy to commit aggravated identity theft and access apparatus fraud.
The 25-year-old hacked the social media account of the SEC and posted a fake message in the name of the then chairman Gary Gensler.
The message wrongly claimed that the SEC BTC Exchange had approved treated funds, which temporarily increased the value of Bitcoin (BTC) by more than $ 1,000.
The council and his co-sameners managed to access the sec via a SIM swap.
A SIM -Swap refers to the fraudulent manner process the inducing of a mobile telephone carrier to re -assign a mobile phone number of the legitimate subscriber or SIM card from the user to a SIM card controlled by a criminal.
As part of the scheme, Council used an ID card printer to create a fraudulent ID with the information obtained from a Genler that he from his fellow samenwerslers.
He used the fake ID to occur as the access to the phone number of the Genler to unlock the sec account.
A man from Alabama has revealed how he has succeeded in hacking the X account of the SEC and to present himself as the then chairman Gary Genler (photo) to place a crypto fraud
Eric Council Jr., from Athens, argued guilty of conspiracy to commit aggravated identity theft and access apparatus fraud
The message wrongly claimed that the SEC BTC exchange funds had approved, so that the value of Bitcoin (BTC) would temporarily rise by more than $ 1,000
The co-samen welder's co-sample subsequently had access to the account and placed in the name of the SEC chairman.
Council received a payment of $ 50,000 in Bitcoin from his henchmen for his role.
Shortly after the unauthorized mail, the SEC regards control of his X account and confirmed that the announcement was incorrect and the result of an infringement of safety.
After the correction, the value of BTC fell by more than $ 2,000 per bitcoin.
The SEC officially approved the first listed funds that Bitcoin holds the day after the scam. Bitcoin recently traded around $ 100,000.
The council stands for a maximum of five years in prison and will be convicted on 16 May.
