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A federal decide sentenced Eric Council Jr., who participated in posting a faux announcement on the US Securities and Change Fee’s X account saying it might approve spot Bitcoin (BTC) ETFs, to 14 months in jail.
Following a Could 16 listening to within the US District Courtroom for the District of Columbia, the Justice Division announced that Council would serve 14 months in jail after pleading responsible to 1 rely of conspiracy to commit aggravated id theft and entry system fraud.
“Schemes of this nature threaten the well being and integrity of our market system,” mentioned Jeanine Pirro, interim US Lawyer for the District of Columbia. “SIM swap schemes threaten the monetary safety of common residents, monetary establishments, and authorities companies.”
Council was a part of a bunch that compromised the X account of the US Securities and Change Fee (SEC) by a SIM swap assault in January 2024. Prosecutors had requested that the judge impose a two-year sentence, whereas Council’s attorneys requested for one 12 months and sooner or later. Courtroom filings confirmed he earned roughly $50,000 by SIM swap assaults just like the one which compromised the SEC’s X account — funds possible topic to forfeiture.
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The decide ordered Council to serve 36 months of supervised launch after his sentence. It was unclear on the time of publication when he would report back to jail, however he has been free on a private recognizance bond since his arrest in October 2024.
Different crypto figures have their days in court docket
Council was the newest particular person to be sentenced who drew the eye of the crypto trade. Although high-profile felony circumstances like these involving executives from cryptocurrency trade FTX have largely been concluded, others are ongoing.
On Could 8, former Celsius CEO Alex Mashinsky was sentenced to 12 years following his responsible plea on two felony counts. The felony trial of former SafeMoon CEO John Karony can also be expected to continue for a number of extra days within the US District Courtroom for the Japanese District of New York.
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