An Alabama man was arrested Thursday for his alleged role in the January hack of a U.S. Securities and Exchange Commission social media account that led the price of bitcoin to spike, the Justice Department said.

Eric Council Jr., 25, of Athens, is accused of helping to break into the SEC’s account on X, formerly known as Twitter, allowing the hackers to prematurely announce the approval of long-awaited bitcoin exchange-traded funds.

The price of bitcoin briefly spiked more than $1,000 after the post claimed “The SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.”

But soon after the initial post appeared, SEC Chairman Gary Gensler said on his personal account that the SEC’s account was compromised.

Authorities say Council carried out what’s known as a “SIM swap,” using a fake ID to impersonate someone with access to the SEC’s X account and convince a cellphone store to give him a SIM card linked to the person’s phone. Council was able to take over the person’s cellphone number and get access codes to the SEC’s X account, which he shared with others who broke into the account and sent the post, the Justice Department says.

An email seeking comment was sent Thursday to an attorney for Council, who is charged in Washington’s federal court with conspiracy to commit aggravated identity theft and access device fraud.

Meta lays off WhatsApp, Instagram staff

Meta says it has laid off some employees, including staff at WhatsApp and Instagram, to realign its resources with its “strategic goals.”

A Meta spokesperson confirmed in a statement that some teams were making changes to align with their long-term goals and location strategy. Specific details on the number of impacted employees wasn’t disclosed.

“This includes moving some teams to different locations, and moving some employees to different roles,” Meta said in a statement. “In situations like this when a role is eliminated, we work hard to find other opportunities for impacted employees.”

The Verge, who first reported the layoffs, said cuts were made across teams that include messaging service WhatsApp and Instagram and Meta’s virtual reality technology unit Reality Labs.

Ferrari unveils 1st supercar in 11 years

Ferrari NV has unveiled its first new supercar in more than a decade, a $3.9 million car that’s a futuristic twist on a famous 1980s design.

The new F80 with a 1200-horsepower V6 hybrid engine is one of the Italian luxury manufacturer’s most expensive models ever, and only 799 of them will be made, Ferrari said Thursday. Deliveries of the car will start before the end of next year.

The vehicle represents Ferrari’s latest effort to further boost its industry-leading margins that have turned it into Europe’s most valuable automaker, despite only producing a fraction of the cars that rivals make. Amid a broader slowdown in luxury spending, demand for high-end supercars costing more than $1 million remains robust.

The two-seater F80, which has a top speed of around 217 miles per hour, is the company’s first supercar since it launched the LaFerrari in 2013.

Compiled from The Associated Press and Bloomberg reports.