Bitcoin ETF approval false news

Key Points:* Eric Council sentenced for SEC X account hack false ETF announcement.

• Bitcoin’s price spiked quickly after the false statement.
• Market volatility prompts SEC’s cybersecurity review. Eric Council, a 26-year-old from Alabama, was sentenced to 14 months for hacking the SEC’s X account, posting false Bitcoin ETF approval news.

The fake announcement caused Bitcoin’s price to fluctuate sharply, underscoring persistent cybersecurity vulnerabilities in federal agencies.

Hacker’s False Bitcoin ETF Claim Jolts Markets

Eric Council’s hacking of the SEC’s X account stunned the financial sector. By impersonating a staff member, Council gained unauthorized access and falsely claimed a Bitcoin spot ETF approval. This misinformation led to significant market volatility, causing a Bitcoin price surge. Observers note the federal agency’s security systems require urgent upgrades. Financial markets reacted swiftly. Bitcoin’s price jumped over $1,000, then fell more than $2,000 when the false claim was debunked. “Council’s sentence includes 14 months in prison and a forfeiture of $50,000,” said Amy Berman Jackson, District Court Judge, U.S. District Court for the District of Columbia. The U.S. Department of Justice emphasized the case’s complexity, while social media criticism focused on federal cybersecurity measures.

Bitcoin, trading at $103,006.78, shows a 23.66% price jump over the past 60 days. Its market cap is approximately $2.05 trillion, maintaining a dominance of 62.79%. Recent 24-hour volume fell by 11.26%, signaling reduced trading activity.

Coincu analysts predict increased regulatory scrutiny over cybersecurity protocols. An emphasis on protective measures could reshape cryptocurrency exchange policies, ensuring more robust safeguards against potential cyber threats in this evolving digital landscape.

Bitcoin Price Reactions and Regulatory Implications

Did you know? The incident marked one of the largest single-day price swings for Bitcoin, underscoring the influence of digital misinformation on volatile crypto markets.

Bitcoin, trading at $103,006.78, shows a 23.66% price jump over the past 60 days. Its market cap is approximately $2.05 trillion, maintaining a dominance of 62.79%. Recent 24-hour volume fell by 11.26%, signaling reduced trading activity.

Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 02:21 UTC on May 17, 2025. Source: CoinMarketCap Coincu analysts predict increased regulatory scrutiny over cybersecurity protocols. An emphasis on protective measures could reshape cryptocurrency exchange policies, ensuring more robust safeguards against potential cyber threats in this evolving digital landscape.