The hackers compromised a UK lawmaker’s X account to promote a fraudulent cryptocurrency known as “House of Commons Coin.” The incident underscores the increasing trend of crypto scams exploiting public figures’ social media accounts to deceive investors. Authorities are investigating the breach to prevent future occurrences and protect users from similar scams.
A UK lawmaker was targeted in a crypto scam.
The verified social media account of British MP Lucy Powell was hacked, so the scammer promoted a fake cryptocurrency called the “House of Commons Coin.” The hackers promoted a scam coin in Powell’s name by creating an X account using a blue tick.
The scam comments stated the token is meant to “bring people’s power to the blockchain” and promoted it as an initiative that will enhance “transparency, trust, and public participation.” To make it look real, these fraudsters used images with the House of Commons logo to create a scam.
Powell’s staff acted quickly to gain control of the account and delete the false post. A company spokesperson told CTV News that the account was secured immediately to prevent any potential harm.
Limited Success for the Scammers
Lastly, despite the aggressive advertising, the scam did not take off. The counterfeit coin allegedly drew in only about 736 transactions, amounting to a trading volume of $71,000. It briefly had over $24,000 in market cap before quickly going out of business.
Experts say scams like this survive on the false hype of a coin’s temporary inflation. As soon as naive users invest, the scammers usually conduct a “pump and dump” scheme, dumping their coins and leaving the investors with nothing.
A Growing Trend of High-Profile Hacks.
Hackers are increasingly targeting high-profile accounts to promote fake digital assets. Just one month earlier, the X account of Ghanaian President John Mahama was also hacked and used to promote another fake coin.
Attackers take advantage of trust linked to the verified status of users, especially large public entity accounts, to dupe users. By using the name Powell to solicit funds, the scammer aims to lend the scheme credibility to get more victims.
Risks in the Age of Digital Misinformation
The conflict highlights the dangers public officials face today, even if Powell has never done it. He has never criticized someone for a cryptocurrency endorsement. Fraudsters are targeting cryptocurrencies due to the growing interest in blockchain technology.
The incident shows that people must be more on guard. Social media companies must also be on watch. Many people now trust verified accounts, which they use to mislead and cheat others.
Expert Warnings and Lessons Learned.
Scams are damaging to finances and also erode trust in genuine blockchain projects, say cybersecurity experts. People should not trust codes or messages from random wallets that involve endorsements or trademarks or solicit user involvement.
Running on the premise of cybersecurity experts, such scams hit the coffers of users and ultimately impact the credibility of authentic blockchain projects. Social media companies like X should also help in the prevention and detection of such incidents.
Conclusion
Lucy Powell’s X account was compromised to promote the fake “House of Commons Coin” scam, which is a stark reminder that anyone can fall victim to cyber scams. Even though the scam didn’t last long, it shows how people bait high-profile names to defraud users and make easy money.
As cryptocurrencies grow, so do the ways scammers use to trick people. To counter these hazards, there is a need for greater awareness, tighter security, and stronger enforcement. This incident serves as a warning about digital misinformation and the need for vigilance in the fast-moving crypto world.
