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In a dramatic turn of events, the FBI has arrested a 25 year old man from Alabama, Eric Council Jr., accused of orchestrating the notorious January 2024 Securities and Exchange Commission (SEC) X hack, a cyberattack that sent shockwaves through the financial world and led to an unprecedented spike in Bitcoin's value.

The Department of Justice (DOJ) announced the arrest earlier today, revealing that the suspect, whose identity has not been publicly disclosed, played a pivotal role in the sophisticated hacking scheme that targeted SEC’s X account through a “SIM swap.”

The breach exposed sensitive information, fueling rampant speculation that directly impacted the value of cryptocurrencies, including Bitcoin, which saw a meteoric rise in the days following the hack.

For many in the crypto world, the January SEC-X hack was more than just another cybercrime. The breach, which compromised classified SEC filings, triggered widespread panic across financial markets. Traders and investors, reacting to leaked insider information, began moving funds, contributing to Bitcoin’s unexpected rally.

However, the human cost of the hack runs deep. Investors caught in the frenzy either reaped enormous profits or suffered devastating losses as Bitcoin’s value fluctuated wildly. 

According to FBI reports, the Alabama man used advanced hacking techniques to infiltrate the SEC-X system, gaining access to market-moving regulatory data before it was publicly available. His actions were not only a breach of trust but also a calculated move to manipulate the value of digital currencies for personal gain.

Authorities believe the suspect profited significantly from the Bitcoin price surge, although the exact amount remains under investigation. The DOJ’s statement emphasized that the arrest was part of a broader effort to crack down on cybercrime in the financial sector.