Eric Council Jr., a man from Alabama, has admitted guilt to hacking the U.S. Securities and Exchange Commission's X account, resulting in a transient increase of over $1,000 in Bitcoin's value. Aged 25, Council is potentially facing a maximum of five years in federal prison and is set for sentencing on May 16, 2025. The fraudulent SIM swap carried out by Council enabled him to take over the SEC's account, where he proceeded to post a deceitful message under the guise of then-SEC Chairman Gary Gensler. In the aftermath of the fabricated announcement, the SEC verified the breach, leading to a dip of over $2,000 in Bitcoin's value.