Eric Council Jr., an individual from Alabama, has admitted guilt to hacking the U.S. Securities and Exchange Commission's X account, resulting in a temporary increase of over $1,000 in Bitcoin's value. Council utilized a fraudulent SIM swap and impersonated a victim to breach the SEC's account. Following the SEC's recovery of control, it was verified that the post was deceptive, causing Bitcoin's value to drop by over $2,000. Council could potentially receive a prison sentence of up to five years, with a sentencing date set for May 16, 2025, as per the Department of Justice.