TLDR
- UK House of Commons Leader Lucy Powell’s X account was hacked to promote a scam cryptocurrency called “House of Commons Coin” (HOC/$HCC)
- Powell’s staff confirmed the hack and quickly secured the account, removing the misleading posts
- The scam token had limited success, reaching a peak market cap of just over $24,000 with about 736 transactions
- This follows a similar hack of Ghana’s President John Mahama’s account in March to promote “Solanafrica”
- Action Fraud reported 35,343 hacking incidents in 2024 and recommends using 2-step verification and strong passwords
The official X account of Lucy Powell, UK’s Leader of the House of Commons, was compromised on April 15 to promote a fraudulent cryptocurrency. Powell’s account, which has nearly 70,000 followers, was used to share posts about a token called “House of Commons Coin” (HOC or $HCC), falsely describing it as “a community-driven digital currency bringing people’s power to the blockchain.”
A member of Powell’s staff confirmed to the BBC that the account had been hacked. They stated that “steps were taken quickly to secure the account and remove misleading posts.” The compromised posts have since been deleted from Powell’s profile.
Limited Financial Impact
Despite the high-profile nature of the account, the scam had limited financial success. Data from DEX Screener shows the HOC token reached a peak market cap of just over $24,000 shortly after the posts appeared on Powell’s account.
The token recorded only 736 total transactions with a trading volume of approximately $71,000. Luke Nolan, a senior research associate at digital asset management company CoinShares, described the hack as an example of a “pump and dump” scheme.
Nolan noted there were only 34 transactions on the coin, generating a profit of about £225 ($280) for the perpetrators. In pump and dump schemes, creators inflate a cryptocurrency’s value, encourage others to invest, then sell their majority share for profit while leaving the coin worthless.
Pattern of Political Account Hacks
This incident follows a similar cyber attack in March when the X account of Ghana’s President John Mahama was breached. In that case, attackers controlled the account for 48 hours to promote a scam cryptocurrency called “Solanafrica.”
The hackers made posts to Mahama’s 2.4 million followers, falsely claiming the project was “making payments fast and free across the continent with support from Solana and the Bank of Ghana.” Mahama’s team eventually regained control of the account.
Rising Trend in Social Media Hacks
Taking over social media accounts to advertise scam cryptocurrencies has become a common tactic among cybercriminals. Other public figures recently targeted include BBC journalist Nick Robinson, whose X account was hacked to promote a fake cryptocurrency called “$Today.”
Action Fraud, the UK’s national reporting center for fraud and cybercrime, reported 35,343 incidents of social and email accounts being hacked in 2024. This represents a concerning rise in such security breaches.
Cybercriminals typically gain access to accounts through phishing emails containing links to malicious websites that either access systems directly or trick users into sharing their passwords. Passwords can also be obtained through leaked information from data breaches.
Security Recommendations
A House of Commons spokesman responded to the incident saying, “UK Parliament takes cyber security very seriously. We provide advice to users – including Members – to make them aware of the risks and how to manage their digital safety.”
Action Fraud advises users to set up 2-step verification for their accounts and to use strong, unique passwords consisting of three random words. These security measures can help prevent unauthorized access to social media accounts.
Powell, who represents Manchester Central, has been Leader of the House of Commons since Labour won power last summer. Her role involves planning and supervising the government’s legislative program and upholding the rights of backbench MPs.
Legitimate political figures have sometimes promoted actual cryptocurrencies. US President Donald Trump and First Lady Melania Trump launched and promoted memecoins days before entering the White House. Argentine President Javier Melei promoted a token called LIBRA, which quickly crashed in value and has sparked calls for an investigation.
The incident with Powell’s account highlights the need for enhanced cybersecurity measures for public officials. It also serves as a reminder for social media users to remain vigilant about cryptocurrency promotions, especially those appearing suddenly from accounts that have never mentioned crypto before.
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