The indictment details that Council's actions led to a $230 million liquidation in the cryptocurrency market, showcasing the broader implications of cybercrimes.

FBI officials have highlighted the broader implications of such cybercrimes on global financial markets, reinforcing the need for stringent security measures.

In light of this incident, mobile carriers are urged to implement protective measures to prevent unauthorized number porting, and users are advised to enable security features.

The hack utilized a SIM swap technique, allowing Council to gain unauthorized access to the SEC's account and post a misleading announcement regarding Bitcoin ETFs.

U.S. Attorney Matthew M. Graves emphasized the significant risks associated with SIM swapping, which can lead to severe financial losses and breaches of personal data.

Eric Council Jr., a 25-year-old from Alabama, has been arrested and charged with aggravated identity theft in connection with a hack of the U.S. Securities and Exchange Commission's (SEC) X account.

At the time of the incident, Bitcoin was trading at approximately $67,500, illustrating the potential impact of such market manipulations.

On January 9, 2024, Council and his co-conspirators took control of the SEC's @SECGov account, posting false information that caused a temporary spike in Bitcoin's price by over $1,000.

The misleading tweet was posted just one day before the SEC's actual approval of 11 Bitcoin ETFs, raising serious concerns about the security of the SEC's social media accounts.

The SEC confirmed that its internal systems were not compromised during the attack, but the incident highlighted vulnerabilities in the X platform.

Following the hack, Council reportedly searched online for signs of being under investigation, indicating an awareness of the legal ramifications of his actions.

Council is scheduled to appear in court in Alabama, while the investigation continues with multiple agencies, including the FBI and the SEC's Office of Inspector General.