U.S. citizen Eric Council Jr., 26 years old, has been sentenced to 14 months in prison. He was the mastermind behind hacking the new official X account of the U.S. Securities and Exchange Commission (SEC). On Friday, the court handed down its sentence, scoring a historic legal victory. This settlement highlights the continuing threats within the digital security landscape and the manipulation of cryptocurrency.
At the conclusion of those court proceedings, the jury convicted Council. This week, policymakers heard about how he helped execute a cyber attack intended to crash Bitcoin prices. Hackers hijacked the SEC’s X account, which was particularly alarming given the nature of governmental platforms. This incident served to illustrate their ability to be victims of the digital threats.
Besides his term in prison, Council Jr. will be subject to three years of supervised release after his release from prison. The length of his sentence indicates just how seriously the judicial system is beginning to take cyber crimes. This is particularly the case for offenses that injure financial markets and investor confidence.
The hacking incident posed a major credibility threat to the SEC. It had far-reaching effects on the larger cryptocurrency ecosystem. In doing so, Council and his co-conspirators altered official government correspondence. They wanted to manufacture artificial movements in Bitcoin’s price and cash in on the mayhem they wreaked on the markets.
As more people invest in cryptocurrencies, solid cybersecurity practices are more critical than ever. The case against counsel illustrates the life-altering impact that cybercrime can have. Its impact is felt by everyone, including financial institutions.
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