Council was arrested in October of 2024, and will plead guilty to conspiracy to commit aggravated identity theft and access device fraud. Meanwhile, South Korean lawmaker Kim Nam-kuk was acquitted of crypto concealment charges after a court ruled that he was not legally required to disclose his holdings at the time. In Spain, a UK-based crypto broker escaped kidnappers that were demanding a €30,000 ransom by jumping from a balcony. The perpetrators were arrested and charged with multiple offenses..
Plea Deal for SEC X Account Hacker
US authorities proposed a plea agreement for Eric Council Jr., who is the person accused of compromising the Securities and Exchange Commission’s (SEC) X account in January of 2024. A recent filing in the US District Court for the District of Columbia outlines a proposed forfeiture order requiring Council to pay $50,000, an amount he allegedly gained from a misleading social media post falsely claiming that the SEC approved spot Bitcoin exchange-traded funds (ETFs) for the first time. As part of the agreement, Council will plead guilty to one count of conspiracy to commit aggravated identity theft and access device fraud.
Council is accused of being part of a group that orchestrated a SIM swap attack that allowed them to take control of the SEC’s official X account temporarily. This breach led to the publication of a false announcement featuring an image of then-SEC Chair Gary Gensler seemingly confirming the approval of spot Bitcoin ETFs. The SEC quickly removed the post and officially announced the approval of these investment vehicles less than 24 hours later.
The case is currently awaiting a decision from US District Judge Amy Berman Jackson, who has not yet signed off on the forfeiture order. Council was arrested by the Federal Bureau of Investigation (FBI) in October of 2024 and initially pleaded not guilty to the felony charge. According to the Congressional Research Service, the charges against him carry a minimum prison sentence of two years.
The fake Bitcoin ETF announcement was posted on Jan. 9, 2024, and happened at a critical moment for the crypto industry as market participants were eagerly waiting for the SEC’s ruling on spot Bitcoin ETFs. After the false post, Bitcoin’s price surged by more than $1,000 before Gensler publicly denied its legitimacy.
Since his arrest, Council was released on a personal recognizance bond and was granted permission to leave the jurisdiction for the holidays. A recent court order indicates that he is scheduled to return for sentencing on May 16, 2025.
South Korean Lawmaker Acquitted of Crypto Concealment Charges
Meanwhile, South Korean lawmaker Kim Nam-kuk has been acquitted of charges related to concealing cryptocurrency holdings after the court ruled that he was not legally required to disclose virtual assets under the country’s laws at the time. Judge Jeong Woo-Yong of the 9th Criminal Division of the Southern Seoul District Court issued the ruling that cleared Kim of accusations that he obstructed public duty by deceit.
Kim faced allegations of liquidating crypto assets and failing to report roughly $4.5 million in profits before South Korean lawmakers enforced the Financial Action Task Force’s Travel Rule. This rule requires the disclosure of crypto holdings. The controversy surrounding the case led to his departure from the Democratic Party, as he wanted to distance himself from the burden the lawsuit placed on his colleagues.
Kim Num-kuk
Prosecutors argued that Kim deliberately concealed his cryptocurrency holdings to interfere with the National Assembly’s Ethics Committee’s review of lawmakers’ financial disclosures. On Dec. 18, 2024, they requested a six-month prison sentence after alleging that in 2021, he reported his total assets as 1.2 billion won ($834,000) despite holding nearly 9.9 billion won ($6.8 million) in cryptocurrency.
The prosecution also claimed that holding such a large amount of digital assets could pose a potential conflict of interest, thereby obstructing the Ethics Committee’s review. However, the court ruled that at the time, virtual assets were not subject to mandatory disclosure under South Korea’s Public Service Ethics Act. It determined that there was no legal basis to conclude that Kim was obligated to report his crypto holdings.
Kim Nam-kuk
Judge Jeong also stated that while the Ethics Committee was not able to determine Kim’s total assets, it was unclear whether this constituted an obstruction of its authority through deceit. The court ultimately concluded that there was not enough criminal evidence to support the charges.
Although Kim was acquitted, prosecutors can still appeal the decision in a higher court. As a member of the National Assembly, he had some influence over digital asset regulations and supported legislation proposing the deferral of a 20% tax on cryptocurrency gains. Critics have also raised some concerns over whether his crypto holdings created a conflict of interest, though he has denied any wrongdoing.
Crypto Broker’s Quick Thinking Foils Kidnapping
While some crypto holders are being charred by the law, a UK-based crypto broker reportedly leaped 30 feet from a balcony to escape kidnappers who threatened to torture and kill him for his cryptocurrency. According to a report from UK media outlet Metro, three British men were arrested in connection with the abduction.
The broker was allegedly lured to an apartment in Estepona, Spain, under the pretense of having drinks. Upon arrival, he was confronted by the kidnappers, who demanded that he transfer 30,000 euros, or $30,917, from his customers’ accounts or face torture and death. In a desperate attempt to look for help, the victim pretended to call a customer for access codes but instead contacted a friend in London who alerted his mother. She then contacted the police, which made it possible for authorities to track down the apartment.
While the kidnappers were distracted by the arrival of the police, the broker tried to escape by jumping from the balcony, breaking both of his ankles in the fall. Spanish authorities witnessed the victim’s attempt to climb down before he fell, and immediately transported him to a hospital for medical treatment.
A search of the apartment uncovered two firearms, 10,000 euros in cash, a money counter, three knives, and 25 grams of pink cocaine. The three men were arrested and charged with kidnapping, wounding, illegal possession of weapons, belonging to a criminal organization, and drug trafficking. After a court appearance, they were remanded to prison.
Unfortunately, incidents of in-person crypto-related robberies have been on the rise over the past few years. Blockchain investigator ZachXBT reported in October that he received an increasing number of messages from victims in Western Europe that were targeted in home invasions for their digital assets. Jameson Lopp, a cypherpunk and co-founder of self-custodial firm Casa, compiled a GitHub list documenting offline crypto robberies dating back to 2014, when computer scientist Hal Finney was allegedly extorted for 1,000 Bitcoin that was worth $400,000 at the time.
More recently, criminals broke into a home in Brazil and forced a husband and wife to transfer $16,000 in cryptocurrency. Lopp’s data shows that there have already been nine recorded cases of in-person crypto robberies this year. About 28 incidents were recorded in 2024, 17 in 2023, and 32 in 2021.
Source: https://coinpaper.com/7401/man-accused-of-sec-x-account-hack-offered-plea-deal
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