Federal authorities have arrested Eric Council Jr. in Alabama for his alleged role in hacking the U.S. Securities and Exchange Commission's X account. The hack occurred on January 9, resulting in a false announcement that Bitcoin ETFs were approved, causing Bitcoin's price to surge by $1,000. Council reportedly executed a SIM swap on the phone of an individual with access to the SEC account, using fake identification to obtain a new SIM card. He faces charges of aggravated identity theft and access device fraud, highlighting growing concerns over cybersecurity in financial institutions.