Eric Council Jr., Alabama man, who is indicted for hacking the X account of the US Securities and Exchange Commission (SEC) to mistaken post that the agency had approved Bitcoin Exchange-Traded Funds, is intended to invoke guilt in the case.

A “consent ordering of forfeiture” filed in DC Federal Court shows that the Council has agreed to plead guilty of conspiracy to commit worsening identity theft and access unit fraud and will forfeit $ 50,000 in revenue from these offenses.

According to the prosecution, the Council used a fake ID to trick a telephone shop employee to help him and co-conspirators in access to a device with access to SEC’s X account.

Judge Amy Berman Jackson has established the Council’s penalty for May 16. The case stems from the then highly expected SEC approval of Spot Bitcoin ETFs, with the security breach that led to a post shared in the agency’s account one day before the actual approval.

At that time, the approval of these funds was eagerly expected as these were widely expected to bring in significant streams from institutional investors. The fake X -post sent the price of Bitcoin briefly increasing.

The FBI arrested the Council in October for hijacking SEC’s X account.