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US Prosecutors Demand Two Years for SEC Hacker: The Bitcoin Scandal That Shook Markets

BBG News

Ah, the sweet taste of a crime that sends shockwaves through the markets! Eric Council Jr. – a man whose name will forever be whispered in the same breath as the most reckless of hackers – is now facing the music. The US government, in its boundless mercy and sense of justice, has asked a federal judge to impose a two-year sentence for his nefarious role in hacking the Securities and Exchange Commission’s (SEC) X account and posting a completely bogus announcement about Bitcoin exchange-traded funds (ETFs). A nice little online stunt, don’t you think?

On May 12, in the hallowed halls of the US District Court for the District of Columbia, the prosecutors laid out their case with the chilling precision of a well-rehearsed script. They suggested that Judge Amy Berman Jackson should toss Council into the grim maw of prison for two whole years for daring to stir the crypto pot. After all, what’s a little chaos among friends when you’ve got an entire market to mess with? His transgression? A fake message posted on the SEC’s social media platform, X, claiming that spot Bitcoin ETFs were approved – the very moment before the real, honest-to-goodness approval was granted in January 2024. Markets, of course, reacted – as they do – with a sudden surge, and Council’s little stunt sent Bitcoin’s price soaring over $1,000 before the SEC swiftly corrected the “error.” Ah, the sweet scent of panic.

At this juncture, Council’s legal team has yet to respond to the sentencing recommendation. One can only wonder what they’re cooking up as they prepare for the showdown before Judge Jackson on May 16. Perhaps they’re simply scouring the cryptic corners of the web for a way out, or maybe they’re still deciding whether to blame a faulty SIM card.

What truly makes Council’s crime a masterpiece of digital deceit is the method – the sophisticated, almost elegant fraud scheme. The prosecutors’ description reads like a horror story for any aspiring hacker: fraudulent IDs, a string of shady dealings at telecom stores, and password-reset codes galore sent to co-conspirators across the globe. Sounds like a plot straight out of a cyber-thriller, doesn’t it? The prosecutors made it crystal clear: this conduct *deserves* a significant penalty. Of course, who wouldn’t agree? After all, who could resist punishing someone who made a fool of the mighty SEC?

But fear not, dear reader, for this tale doesn’t end here. No, this particular court case is part of a much grander narrative – one filled with political intrigue and the ever-changing tides of the DOJ under Trump’s leadership. Ah, the sweet joy of a little bit of uncertainty! Council’s fate, as well as those of others involved in the digital asset world, will be decided by interim US Attorney picks who have yet to see the warm embrace of Senate confirmation. How will this affect the pursuit of justice in cases involving crypto? Your guess is as good as mine, but one can’t help but wonder if the president’s *small* ties to the crypto world will make an impact. You know, considering the whole “crypto holdings” thing.

Meanwhile, in the Southern District of New York, another drama unfolds, with former Celsius CEO Alex Mashinsky sentenced to a hearty 12 years in prison after pleading guilty in December 2024. That’s a different kind of crypto scandal – one involving more than just the power of a well-timed X post. But then again, who could compete with a good old-fashioned hack? 🍿

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2025-05-13 02:05

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