The FBI has arrested the person allegedly chargeable for hacking the US Securities and Alternate Fee's (SEC) X account and utilizing it to create a faux put up concerning the approval of spot bitcoin (BTC) exchange-traded funds (ETFs) within the US in January.
In keeping with an announcement from the U.S. Legal professional for the District of Columbia, the person has been recognized as Eric Council Jr., a 25-year-old man from Athens, Alabama. The false announcement resulted in a $1,000 enhance within the worth of BTC, after the SEC regained management of the account and made a correction, it fell by $2,000.
The council is charged with conspiracy to commit id theft and entry system fraud. The FBI revealed that the assault was carried out by means of SIM swapping, the place Council and co-conspirators manipulated the sufferer's telephone quantity to achieve entry to X's SEC account.
Assault paid in bitcoins
In keeping with the indictment, Rada used the stolen private info to forge a false ID to carry out a SIM card change, which allowed him to entry the SEC's social media account.
SIM Swap is a social engineering assault vector that consists of a foul actor utilizing a sufferer's private info to trick cell service suppliers into transferring a telephone quantity to a brand new SIM chip.
This provides the hackers entry to each platform the place the sufferer makes use of their cell quantity as a login. The council allegedly introduced a faux ID at a cellular phone supplier's retailer in Alabama.
After publishing the hoax report, the Council acquired cost in Bitcoin for its function and shortly returned the gear used within the assault.
U.S. Legal professional Matthew M. Graves emphasised the significance of holding accountable those that manipulate markets by means of cybercrime. The investigation was led by the Division of Justice, the FBI and the SEC's Workplace of Inspector Basic.
Millionaire crypto losses
SIM swapping assaults are additionally a standard assault vector utilized by hackers to steal cryptocurrencies. In 2017, investor Michael Terpin misplaced $24 million after a foul actor compromised one in all his wallets utilizing this technique.
Moreover, a gaggle of three people allegedly stole over $400 million in cryptocurrency between March 2021 and April 2023 utilizing SIM swapping assaults to achieve entry to wallets.
As Ars Technica experiences, the group used the identical technique allegedly utilized by the Council, printing faux ID playing cards and utilizing them to pose as victims at cell service supplier shops.
