FBI brokers on Thursday morning arrested a 25-year-old Alabama man on expenses associated to the hack in January of the Securities and Exchange Commission’s X account, which led to the value of bitcoin spiking by greater than $1,000, the Department of Justice introduced.

The person, Eric Council Jr., is charged with conspiracy to commit aggravated identification theft and entry gadget fraud, the DOJ mentioned.

Council is accused of conspiring with others to hack the SEC’s account and ship a pretend tweet within the title of the company’s chairman on Jan. 9 that mentioned, “At the moment the SEC grants approval for #Bitcoin ETFs for itemizing on all registered nationwide securities exchanges.”

Bitcoin’s value rose by greater than $1,000 after that bogus tweet was posted.

Shortly afterward, the SEC regained management of its social media account, and introduced the tweet was false and attributable to a hack.

“Following this corrective disclosure, the worth of BTC decreased by greater than $2,000 per bitcoin,” the DOJ famous.

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