FBI Arrests Hacker Behind Fake Bitcoin ETF Approval News

The Federal Bureau of Investigation (FBI) arrested a 25-year-old man from Alabama, for hacking the official X account of the Securities and Exchange Commission (SEC) in January.

According to an Oct. 17 statement, Eric Concil Jr. was taken into custody following allegations of conspiracy to commit aggravated identity theft and access device fraud.

According to federal authorities, Concil is accused of being part of a group that hacked the SEC’s X account in January 2024 and posted a fake message on January 9 claiming that the SEC had approved the first exchange-traded fund (ETF) for Bitcoin in the United States.

The fake announcement helped the price of Bitcoin jump by over $1,000 after publication, causing further turmoil in the markets.

READ MORE:

Radiant Capital Faces $48 Million Exploit, RDNT Token Drops

Nearly 15 minutes later, SEC Chairman Gary Gensler refuted the news, saying that the Commission had not approved the listing and trading of spot Bitcoin products traded on the Bitcoin exchange, adding that the regulator’s account had been compromised.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.