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The Federal Bureau of Investigation (FBI) announced on Thursday the arrest of a 25-year-old man for his alleged involvement in hacking the Securities and Exchange Commission's (SEC) X account to falsely claim that bitcoin exchange-traded funds (ETFs) had been approved.Eric Council Jr., from Athens, Alabama, is accused of conspiring with others to take control of the SEC's X account, according to a press release from the U.S. government. After gaining access, Council passed control of the account to unnamed co-conspirators, who then posted the fraudulent tweet.On January 9, a post from the SEC's account falsely announced, "approval for #Bitcoin ETFs for listing on all registered national securities exchanges," which caused bitcoin's price to surge by $1,000. However, the price quickly plummeted by $2,000 after the SEC regained control of the account, deleted the tweet, and confirmed that the announcement was fake.Interestingly, the SEC did officially approve the ETFs the following day.