A recent event has caused worry in the worlds of social media and digital trust, due to the X (formerly Twitter) account of the UK government minister Lucy Powell being hacked to advertise a fake cryptocurrency scheme. This serves as yet another event signaling how advanced online scams have become and how even high-profile accounts are prone to such cyberattacks.
Powell had these now-deleted posts that purportedly promoted $HCC, which supposedly served as a community-driven digital currency, as “a currency that empowers people and communities” and as “a community-driven digital currency bringing people’s power to the blockchain.” Accompanying images also contained House of Commons symbols, further showcasing the fraudulent nature of the posts.
Her office, in the immediate aftermath, tried to regain control, claiming “the account was hacked and posted to on Tuesday morning.” This forced them to report that “measures were undertaken instantly to regain control of the account and erase posts.” The effort was to slow the pace at which incoming damage would be accrued. Scammers are foiled while the minister protects her reputation and the platform.
The Increasing Phenomenon: Hacking of Sensitive Accounts
Sadly, Powell’s case is not a single incident. Recently, some other celebrities with massive social media followers have been victims of similar hacking attempts. As an example, BBC journalist Nick Robinson had his X account hacked to advertise a fake cryptocurrency called “$Today.” These cases describe a worrying phenomenon where the cybercriminals are leveraging the trust associated with certain accounts to defraud unsuspecting users.
How the Scam Works: Phishing and Leaked Data
The source material covers the strategies listed as the most prominent for cybercriminals trying to take over X accounts. Phishing sends emails aimed at tricking the recipient into visiting a hyperlink that will cause a password to be revealed as a primary method. These usually emulate emails from social media sites or trusted counterparts. Additionally, hackers can obtain passwords through leaks of data where the accounts have not been protected by strong, unique passwords.
After an account is hacked, the criminals behind it will use the account to market cheap cryptocurrency coins that are created with the intent to defraud, but the method of inflicting them is in most cases false and exaggerated. The aim is to create superfluous excitement, which forces them to buy these coins before the scam is uncovered.
The fraudulent scheme known as "Pump and Dump".
This is Luke Nolan’s definition of the scheme: “Fraudsters tend to manipulate the price of the cryptocurrency to artificially inflate its value and then trigger a purchasing frenzy. When all is said and done, they walk away from the cryptocurrency with a hefty return.”
Minimal Consequences: Scaled Fraud
“With regard to the House of Commons coin scam, it appears that the financial impact has been small,” says the article’s source. According to the findings, no more than 34 transactions were made pertaining to the coin, meaning the scam yielded minimal revenue of approximately 225 pounds for the fraudsters.
Parliament’s Response: Stressing Cyber Security Measures
A member from the House of Commons shared the focus on cybersecurity matters, saying, “UK Parliament takes cybersecurity extremely seriously. Cybersecurity policy details are classified, and thus, subsequently, we advise users, including members, on best practices to assist them in managing their digital safety.”
Action Fraud Warning: Hacking Accounts on the Rise
As reported by Action Fraud, a recent surge in social media and email account hacking poses problems. The agency reported 35,343 incidents of such hacking in the year 2024, showing how fast this cybercrime is growing.
Preventive Measures: Safeguarding Oneself While Online
As for not being a victim of account hacking, Action Fraud provides a number of steps:
- Enable two-step verification for all online accounts.
- Utilize strong and different passwords for every account.
The Evolving Digital Threat Landscape Requires Constant Vigilance
Lucy Powell’s X account hacking demonstrates the ever-growing issue of upholding trust and security in a digitized world. Users and businesses need to increase proactive measures to face cybercriminals who are constantly evolving their strategies. Lucy Powell’s account hacking demonstrates the persistent struggle to maintain security and trust in a digitally driven world.
