The FBI claims to have arrested the principal culprit of a January hacking incident on the SEC’s X (Twitter) account. Alabama resident Eric Council Jr. was named in indictments for conspiracy and theft.

The FBI also mentioned unnamed co-conspirators but has not made any subsequent arrests.

FBI’s War on Sim Swapping

The FBI announced today that it arrested a suspect for the January SEC X account SIM-swapping hack. The hacker posted false messages from the SEC’s official account, which caused an immediate $230 million liquidation in the crypto market. Law enforcement officials named the 25-year-old Alabama resident Eric Council Jr. as the primary culprit of this attack:

“The indictment alleges that Eric Council, Jr. unlawfully accessed the SEC’s account on X by using the stolen identity of a person who had access to the account. Council, Jr.’s co-conspirators then allegedly used this unauthorized access… to falsely announce that the SEC had approved listing Bitcoin ETFs,” said Principal Deputy Assistant Attorney General Argentieri.

The FBI emphasized that these SIM swapping schemes, where hackers trick cell phone service providers into breaching their clients’ security, are “serious crimes” that can cause “devastating financial losses”. The Bureau intends to punish this hacker and other such offenders harshly.

Read more: SIM Swap Attack: What It Is and How to Prevent It

Council has been charged with conspiracy to commit aggravated identity theft and access device fraud. However, law enforcement has yet to arrest any of his co-conspirators.

“[Council] later conducted internet searches for “SECGOV hack,” “telegram sim swap,” “how can I know for sure if I am being investigated by the FBI,” and “What are the signs that you are under investigation by law enforcement or the FBI even if you have not been contacted by them,” the announcement detailed.

The evidence against Council himself, however, seems quite conclusive. The FBI commonly encourages hackers to cooperate against fellow criminals, like in the recent Bitfinex case.