A UK government official’s social media account was hacked to promote a fake cryptocurrency called $HCC. The quick response to remove malicious posts limited the scam’s impact. This incident underscores the rise of social media hijacks in crypto frauds. Cybersecurity experts recommend using two-factor authentication. Other news includes ongoing efforts against crypto fraud in Australia and Spain’s crackdown on an AI-backed scam.
A recent cyberattack involving a UK government official’s social media account has brought digital impersonation and cryptocurrency scams into focus. Lucy Powell, the MP for Manchester Central and a senior cabinet member, had her verified X account temporarily taken over by hackers who used it to promote a fraudulent digital currency named “$HCC,” supposedly representing “House of Commons Coin.”
The misleading posts, which were swiftly deleted, falsely depicted $HCC as a grassroots cryptocurrency initiative and even incorporated the official House of Commons emblem to enhance credibility. The breach was confirmed on Tuesday, and Powell’s team acted promptly to restore the account and remove all unauthorized content.
Given Powell’s substantial following of over 70,000 and her prominent position as Leader of the House of Commons, her account was an appealing target for cybercriminals. Cybersecurity analysts noted that the attack exemplifies a classic strategy where fraudsters gain access to a high-profile account to create excitement around a worthless token, enticing unsuspecting followers into investment, before vanishing with the funds.
Luke Nolan from CoinShares described the incident as a traditional “pump and dump” operation. This tactic typically involves generating artificial excitement to inflate a coin’s perceived worth before quickly selling insider stocks. Fortunately, the effect of this breach was limited, resulting in just 34 transactions valued at £225, probably because the fraudulent posts were removed swiftly.
Social media hijacks are increasingly prevalent in crypto scams. Attackers usually exploit phishing or inadequate password protections to compromise accounts. While the House of Commons reaffirmed its commitment to cybersecurity, it did not provide specifics regarding this incident.
Action Fraud, the UK’s national fraud reporting centre, reported a rise in hacked social media accounts in 2024, tallying over 35,000 cases. Experts continue to advocate for two-factor authentication and strong, unique passwords as essential measures against these escalating digital dangers.
In related news, a former NFT trader faces imprisonment for concealing millions in profits from the IRS through undisclosed high-value digital asset sales. Cybersecurity researchers have also raised alarms regarding a sophisticated attack threatening the cryptocurrency community. Furthermore, Australia is intensifying its crackdown on crypto-related fraud, targeting 95 firms implicated in scams such as pig-butchering schemes. Meanwhile, Spanish police have dismantled a criminal network leveraging AI for a global investment scam, resulting in the arrest of six individuals involved.
