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Fact #41 TechTactics

$1,000+rise in bitcoin's price after a false post from the SEC's hijacked X account

A fake ID was enough to SIM-swap a phone number and take over the SEC's account on X, and a false post from it moved the price of bitcoin by more than $1,000 within minutes.

The Justice Department says the man who carried out the swap, using an ID card printer and personal details from co-conspirators, was sentenced in May 2025 to 14 months in prison. Bitcoin then fell by more than $2,000 after the correction.

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Source: US Department of Justice, Office of Public Affairs. Read more: sim swap · case file

Sources

  1. Alabama Man Sentenced to 14 Months in Connection with Securities and Exchange Commission X Hack that Spiked Bitcoin Prices. US Department of Justice, Office of Public Affairs. Accessed 2026-09-06. Supports: Every fact above: the defendant, sentence, charges, the SIM swap method, the fake ID, the market movement and the bitcoin payment.