A cryptocurrency scam recently targeted Lucy Powell, a high-ranking UK government minister. Hackers hijacked her official X account to promote a fake cryptocurrency.
Fake Crypto, Real Damage
The hackers used Powell’s verified account to push “$HCC,” a phony digital currency they claimed was “people-powered.” They even used the official House of Commons logo to make the scam look legitimate. Powell, with nearly 70,000 followers on X, was a perfect target for this kind of attack. Her office quickly locked down the account and removed the fraudulent posts.
Not the First Time
This wasn’t an isolated incident. Similar hacks have hit other prominent figures, including BBC journalist Nick Robinson, who had his account used to promote a different fake cryptocurrency earlier this year. Robinson believes he was tricked by a phishing email.
A “Pump and Dump” Scheme
Experts identified the scam as a classic “pump and dump” operation. The hackers created a worthless cryptocurrency, hyped it up to attract investors, and then sold their holdings before the price crashed. Despite targeting a high-profile account, the scam was relatively unsuccessful, netting the criminals only about £225.
The Growing Threat of Account Hacking
Account hacking is on the rise. Action Fraud reported a massive increase in social media and email account hacks in 2024, with over 35,000 cases. Hackers often use phishing emails containing links to fake websites that steal passwords or gain unauthorized access. Data breaches also expose user information, making it easy for scammers to access accounts. These scams are incredibly fast; hackers can create and launch fake cryptocurrencies in just a few hours.
Staying Safe Online
While the UK Parliament takes cybersecurity seriously and provides advice to members, they won’t disclose specific security measures. However, experts recommend using two-step verification and strong, unique passwords (like three random words) to protect your accounts.