UK Lawmaker’s Hacked Account Fuels Scam Coin Frenzy
16.04.2025 08:54
UK Member of Parliament Lucy Powell’s X account was hacked on April 15 to promote a scam cryptocurrency, the House of Commons Coin (HOC). The fraudulent posts, later removed after quick damage control by Powell’s staff, led to a brief surge in interest for HOC, reaching a peak market cap of just over $24,000 with limited transactions and trading volume. In a similar incident earlier this year, Ghana’s President John Mahama’s account was compromised to endorse a scam coin called Solanafrica, with misleading claims about fast, fee-free cross-continental payments. The story also recalls previous political ties with crypto marketing, such as memecoins promoted by US President Trump and a controversy over Argentina’s LIBRA token, which crashed in value following endorsement. The repeated misuse of high-profile political figures’ accounts for promoting dubious tokens has raised concerns about cybersecurity and market manipulation in the crypto space.
The exploitation of Lucy Powell’s account to promote HOC is likely to yield a brief price spike fueled by fraudulent hype. However, historical patterns show that such scam tokens often lose momentum quickly as market confidence wanes, leading to rapid depreciation. The lack of genuine institutional or community backing further intensifies the negative outlook for both short-term and long-term valuation.
SOLANAFRICA, promoted through a hijacked governmental account, may experience a short-lived upward movement due to attention driven by the hack. However, similar previous incidents imply that once the scam is recognized, the token will likely face a sharp decline. The overall negative sentiment combined with the token’s dubious credibility points to a deteriorating price outlook over both immediate and extended periods.
LIBRA’s price has already suffered amid previous political promotion that culminated in a crash. The incident reinforces investor skepticism regarding tokens endorsed without solid fundamentals. Given the historical downturn following similar endorsements, LIBRA is expected to continue facing significant downward pressure both immediately and in the long run.
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