Lucy Powell’s X account was hacked to promote a fraudulent “House of Commons cryptocoin”. The posts, quickly deleted, claimed to enhance blockchain transparency. Expert Luke Nolan explained this as a “pump and dump”, where scammers inflate a coin’s value to profit and leave investors with worthless tokens. The House of Commons confirmed no such cryptocoin exists and emphasised their commitment to cyber security.
Commons Leader Lucy Powell experienced a serious security breach on Tuesday when her X account was hacked. The hacker used her verified profile to promote a fraudulent scheme involving a so-called “House of Commons cryptocoin”. The posts touted a digital currency aimed at enhancing public participation via the blockchain, showcasing phrases like “Transparency, participation, trust” alongside the House of Commons insignia. Although the misleading tweets were swiftly removed, the incident raised significant concerns over cyber security.
This breach is reminiscent of a similar event in January involving BBC political presenter Laura Kuenssberg, whose account was also compromised to promote a fake BBC cryptocurrency. Luke Nolan, a senior research associate at CoinShares, described this sort of hack as a “pump and dump” scheme, in which the creators artificially inflate the value of a cryptocurrency, prompting unwitting investors to buy in before the creators sell off their shares for profit, leaving the coin virtually worthless.
Nolan noted that only 34 transactions were associated with this cryptocoin, resulting in an estimated profit of £225 (approximately $300). He elaborated on the technique often employed in such scams, where manipulators buy a substantial portion of the coin’s supply before reselling it to unsuspecting users. This rapid buying and selling can yield considerable profits for the exploiters if executed effectively.
A spokesperson for Ms Powell confirmed the hacking incident and stated that immediate measures were implemented to secure her account and eliminate the misleading posts. Meanwhile, representatives from the House of Commons clarified that there is no actual House of Commons cryptocoin, emphasizing their commitment to cyber security. They reiterated that the UK Parliament provides guidance on digital safety to its members but does not disclose specific cyber security protocols.
