MP’s X account targeted in crypto scam

Lucy Powell, the Leader of the House of Commons, has become the latest high-profile figure to fall victim to a social media hack, with her X account being compromised to promote a fraudulent cryptocurrency scheme.

The incident involved a series of now-deleted posts advertising a scam “House of Commons” digital currency, named “$HCC,” which was falsely presented as a “community-driven” blockchain project.

Powell’s office confirmed the security breach, stating that her account was hacked on Tuesday morning. Immediate action was taken to regain control and remove the misleading posts. The incident follows a pattern of similar attacks targeting public figures with substantial online followings, including BBC journalist Nick Robinson, whose X account was also recently used to promote a cryptocurrency scam.

The compromised posts on Powell’s verified X account, which boasts nearly 70,000 followers, included images of the House of Commons logo, lending a false air of legitimacy to the fraudulent cryptocurrency. Cybercriminals often employ phishing emails or exploit data breaches to gain control of accounts, subsequently using them to promote hastily created and worthless cryptocurrencies.

Experts warn that these “pump and dump” schemes aim to artificially inflate the value of the cryptocurrency, enticing unsuspecting individuals to invest before the perpetrators sell their holdings, leaving the coin worthless. In Powell’s case, analysis indicated a limited number of transactions, suggesting a relatively small financial gain for the hackers.

The House of Commons has reiterated its commitment to cybersecurity, providing guidance to users, including Members of Parliament, on digital safety. Action Fraud has reported a surge in social media and email account hacking incidents in 2024, emphasizing the importance of strong, unique passwords and two-step verification for online accounts.

Says Nathaniel Jones, VP, Security & AI Strategy, Field CISO at Darktrace:

 “The recent hack of Lucy Powell MP’s social media account to promote a fraudulent cryptocurrency highlights cybercriminals increasingly targeting high-profile individuals and institutions. The surge in crypto fraud isn’t surprising – we’re seeing fraudsters evolve their tactics as fast as the market itself.

“In an industry deliberately designed to preserve anonymity, tracking and investigating fraud becomes exponentially more complex. The industry stands at a critical juncture where security can no longer be an afterthought – it must be woven into the very fabric of how these platforms operate.”

Adds Lisa Webb, Which? Consumer Law Expert:

“Scammers are always looking for new ways to part people from their hard-earned cash and unfortunately, scam investment opportunities are really common on social media.

“You should treat any celebrity endorsements of unknown cryptocurrencies on social media with skepticism – as it is likely a scam.

“If you spot any suspicious posts, you can report them to the social media platform and the National Cyber Security Centre to investigate.”