An Alabama man was arrested by the FBI for hacking into the SEC's X database, which led to an increase in the price of bitcoin.

• The FBI arrested a man for hacking the X account of the Securities and Exchange Commission on January 9.
• The price of bitcoin increased by over $1,000 due to a false tweet posted on the SEC's account.
• The Department of Justice announced that Eric Council Jr. is accused of conspiring to commit aggravated identity theft and access device fraud.

On Thursday morning, the FBI arrested a 25-year-old man from Alabama for charges related to the January hack of the Securities and Exchange Commission's X account, resulting in a more than $1,000 increase in the price of the affected security.

Eric Council Jr. has been accused of conspiring to commit aggravated identity theft and access device fraud, according to the DOJ.

Later Thursday, the resident of Athens will appear in U.S. District Court for the Northern District of Alabama.

The DOJ claimed that the Council was involved in the Jan.9 hack and conducted Internet searches related to the hack, including terms such as "SECGOV hack," "telegram sim swap," and "signs of FBI investigation."

The SEC's account was hacked and a fake tweet was sent in the name of Gary Gensler, the agency's chairman, on Jan. 9, with the message "Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges." The council is accused of conspiring with others to carry out this hack.

The price of Bitcoin increased by over $1,000 following the posting of a false tweet.

The SEC regained control of its social media account and declared the tweet was false, resulting from a hack.

The DOJ observed that the value of BTC decreased by more than $2,000 per bitcoin after the corrective disclosure.

Allegedly, Council received payment in bitcoin from co-conspirators for his part in the hack.

At the time the SEC was considering approving exchange-traded funds that held cryptocurrency, a hack occurred.

In the United States, the SEC approved rule changes one day after the hack, allowing the creation of bitcoin ETFs.

The DOJ alleges that Council, using the online aliases "Ronin," "Easymunny," and "AGiantSchnauzer," is charged with using a SIM swap scheme to facilitate the hack. SIM swaps entail a fraudster tricking a cellular service provider into transferring control of a victim's phone.

Allegedly, the council obtained a victim's name and photo from co-conspirators and used a fake ID printer to create a counterfeit ID.

The DOJ stated that the council obtained a SIM card linked to the victim's phone line by presenting a fake ID at a cell phone provider store in Huntsville, Alabama.

The DOJ stated that he bought a new iPhone with cash and used the two items to obtain access codes to the @SECGov X account, which he then shared with co-conspirators, who used them to access the X account.

According to prosecutors, he drove to Birmingham to return the iPhone used in the SIM swap for cash after being paid by the others.

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