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SEC account was impersonated to release ETF news, and the persons involved may face two years in prison.
According to Gate.io News bot, Cointelegraph reported that U.S. prosecutors submitted documents to a federal judge in the District of Columbia suggesting a two-year prison sentence for Eric Council Jr. Previously, Council impersonated the official account of the U.S. Securities and Exchange Commission (SEC) on the social media platform X, spreading false information about the approval of a Bitcoin Spot ETF.
This false message was released in January 2024, about 24 hours before the SEC officially approved the Bitcoin Spot ETF. The incident caused market volatility, and subsequently, the Council was arrested by law enforcement. Related judgments were submitted to the court on May 12.