Alabama Man Arrested After Causing Bitcoin Price to Surge, Then Plummet After Fake SEC Tweet
"The defendant allegedly deceived the public by impersonating the victim and making fraudulent statements on behalf of the SEC," Chad Yarbrough, the assistant director of the FBI criminal investigative division, said in a statement.
October 17, 2024 at 05:14 PM
3 minute read
CryptocurrencyWhat You Need to Know
- The U.S. Department of Justice announced the indictment of Eric Council Jr.
- Council is facing a one-count indictment for a conspiracy to commit aggravated identity theft and access device fraud.
- Council's actions led to a fake U.S. Securities and Exchange Commission social media post that is believed to have sharply impacted bitcoin's price.
The U.S. Department of Justice announced an indictment Thursday in the Washington, D.C., federal district court of a man whose actions led to a fake U.S. Securities and Exchange Commission social media post. The post is believed to have caused a surge in bitcoin's price, only for the value to decrease sharply on the publicization of the security breach.
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