Bitcoin Market Turmoil: SEC Account Hack Reveals Vulnerability to Social Media Manipulation

In January 2024, the cryptocurrency markets experienced significant volatility due to a SIM swap attack on the U.S. Securities and Exchange Commission's (SEC) official X account. The attacker, Eric Council Jr., was recently sentenced to two years in prison for his role in the breach. The hack led to a fraudulent post announcing the approval of a Bitcoin ETF, which caused Bitcoin's price to surge by $1,000 before collapsing by $2,000 within minutes. This dramatic swing resulted in millions of dollars in liquidated positions and highlighted the crypto market's susceptibility to social media-driven manipulation. The incident underscores the need for enhanced security measures and regulatory oversight to protect investors and maintain market stability. As of June 2025, the crypto community remains vigilant against similar threats, with Bitcoin continuing to demonstrate resilience amid such challenges.

SIM Swap Hacker Sentenced for SEC X Account Breach That Rocked Crypto Markets

Eric Council Jr. faces a two-year prison sentence for compromising the U.S. Securities and Exchange Commission's official X account via a SIM swap attack in January 2024. The breach resulted in a fraudulent post announcing Bitcoin ETF approval, triggering violent market swings.

Bitcoin surged $1,000 before collapsing $2,000 within minutes, liquidating millions in positions. The fabricated tweet garnered over 1 million views before SEC officials contained the damage. Market participants described fifteen minutes of chaos as algorithmic traders reacted to the counterfeit news.

BlackRock Flags Quantum Computing as Systemic Risk to Bitcoin Security

BlackRock has formally categorized quantum computing as a critical vulnerability for Bitcoin's cryptographic foundations. The asset manager's latest risk disclosures to the SEC highlight how advancements in quantum processing could RENDER current encryption standards obsolete, potentially compromising the $103,777-per-coin network's security architecture.

The warning marks a watershed moment in institutional risk assessment—no major investment firm had previously quantified quantum threats in regulatory filings. BlackRock's MOVE signals growing mainstream recognition of existential technological challenges facing decentralized networks.

While the filing doesn't specify mitigation strategies, the alert coincides with broader industry efforts to develop quantum-resistant blockchain protocols. The disclosure could accelerate funding for post-quantum cryptography research across major cryptocurrency projects.

Bitcoin Surges Past $100K Amid U.S.-China Trade Truce

Bitcoin breached the $100,000 threshold for the first time since February, currently trading at $103,682. The rally follows a 10.56% weekly gain fueled by Optimism surrounding the U.S.-China tariff pause.

Market participants now eye $120,000 as a near-term target before the 90-day trade truce expires, with some analysts projecting $150,000 by year-end. Despite a marginal 0.18% dip in the last 24 hours, BTC maintains a 65% annual gain.

The digital asset's resurgence underscores its growing sensitivity to macroeconomic developments. Traders are interpreting the tariff ceasefire as a catalyst for risk-on sentiment across crypto markets.

U.S. Inflation Cools to Four-Year Low, Bitcoin Sees Modest Gains

U.S. consumer price growth slowed more than expected in April, with the headline CPI rising just 0.2% month-over-month—below the 0.3% forecast. Annual inflation dipped to 2.3%, marking the softest pace since February 2021. Core CPI, excluding volatile food and energy costs, matched expectations at 2.8% year-over-year.

Bitcoin edged higher following the data release, climbing to $103,800 as traders interpreted the cooling inflation as a potential catalyst for looser monetary policy. The muted price reaction suggests markets had largely priced in the figures.

Equity futures seesawed NEAR flatline after the report, reflecting lingering uncertainty about the Federal Reserve's policy path. The crypto market's tempered response underscores its maturation as an asset class increasingly sensitive to macroeconomic indicators.

UK's First FCA-Regulated Crypto Derivatives Trading Venue GFO-X Launches in London

GFO-X has launched the UK's first Financial Conduct Authority-regulated crypto derivatives platform, marking a significant milestone for institutional digital asset trading. The venue executed its inaugural trade between Virtu Financial and IMC, cleared through LSEG's DigitalAssetClear service for bitcoin index derivatives.

Major banks including ABN AMRO, Nomura and Standard Chartered are providing clearing services, signaling strong institutional support. This follows the FCA's March 2024 reversal of its retail crypto derivatives ban, with the London Stock Exchange already preparing to accept applications for Bitcoin and ethereum ETNs.

From Early Michael Saylor Bet to Billions in Deals: How Jefferies Became a Crypto Powerhouse

In 2019, MicroStrategy—then a modest software firm with a $2 billion market cap—approached Jefferies after larger Wall Street banks rejected its unconventional plan to raise capital for Bitcoin purchases. Jefferies' decision to back Michael Saylor's vision marked a turning point, not just for the investment bank but for institutional crypto adoption.

Today, MicroStrategy boasts a $111 billion valuation, corporate Bitcoin treasuries have become mainstream, and Wall Street giants are scrambling to catch up. Jefferies has emerged as a full-service crypto investment bank, capitalizing on its early mover advantage in a sector now measured in billions.