Search
Search
Sydney Sweeney’s X Account Hacked to Promote Crypto Memecoin

Sydney Sweeney’s X Account Hacked to Promote Crypto Memecoin

0
0

134 Listen to this article Introduction In a shocking incident, the X account of American actress Sydney Sweeney was hacked, […]

Latest News

Listen to this article

Introduction

In a shocking incident, the X account of American actress Sydney Sweeney was hacked, with now-deleted posts promoting a crypto token bearing her name. This event appears to be part of a larger pump-and-dump scheme that has also targeted other celebrities. The Solana-based token, SWEENEY, saw a rapid rise and subsequent fall in trading volume, highlighting the vulnerabilities and risks associated with social media and cryptocurrency.

The Hack and Immediate Impact

On July 2, Sydney Sweeney’s X account was compromised, with the hacker posting promotional messages about the new token SWEENEY. The token, based on the Solana blockchain, quickly amassed over $10 million in trading volume within just two hours of its launch.

“Well I think it’s time… $sweeney is now live 100mc incoming,” read one of the hacked posts from Sweeney’s account. Although Cointelegraph could not independently verify this, screenshots of the posts circulated online, fueling the token’s initial surge.

Rapid Rise and Fall

SWEENEY’s price experienced a dramatic increase, followed by a steep decline. Starting at 6:15 pm UTC, the token’s price plummeted nearly 90% in just over an hour. Despite a partial rebound, its market cap fell from a peak of $3.85 million to $1.2 million, according to DEX Screener data.

Claims of Responsibility

The administrator of a Telegram channel linked to the SWEENEY token claimed responsibility for the hack. In messages shared on the channel, they boasted about their involvement in similar hacks on the X accounts of rapper 50 Cent and ex-pro wrestler Hulk Hogan.

“Yes, we did it again. First 50 Cent, then Hulk Hogan, now Sydney Sweeney. Next target will be even bigger,” read one of the hacker’s messages. The hacker also hinted at targeting another high-profile celebrity soon, though specific details were not provided.

Read Also:  Ripple's Legal Clash with the SEC: An Impending Turning Point

Previous Incidents

This is not the first time Sweeney’s X account has been hacked to promote a crypto token. In January, hackers breached her account to promote the Solana token MILK, which currently holds a market cap of $1 million.

The Celebrity Crypto Trend

The hacking of celebrity accounts to promote crypto tokens is becoming increasingly common. Media personality Caitlyn Jenner and rapper Iggy Azalea have both launched and backed Solana-based memecoins, with Azalea’s MOTHER token reaching a peak market cap of $148.9 million. However, like many of these tokens, MOTHER has seen a significant decline, with nearly $100 million shaved off its market cap, according to CoinGecko data.

“Crypto tokens backed by celebrities are a double-edged sword. They can drive massive interest and investment but also lead to significant volatility and risks,” tweeted @CryptoAnalyst.

Industry Reactions

The crypto community has reacted strongly to these incidents, emphasizing the need for better security measures and more awareness about the risks of such schemes.

“These hacks are a wake-up call for everyone. We need to be more vigilant and educate users about the dangers of pump-and-dump schemes,” commented @BlockchainSecurityExpert.

Vitalik Buterin, co-founder of Ethereum, has also criticized the trend of celebrity-endorsed memecoins, labeling them as “short-lived gimmicks” that harm the overall credibility of the cryptocurrency market.

The hacking incidents and subsequent promotion of fraudulent tokens have caught the attention of regulators and legal authorities. There is growing concern about the potential for fraud and market manipulation in the largely unregulated crypto space.

“Regulatory bodies need to step up and address these issues. We cannot allow bad actors to exploit the market and harm investors,” stated @CryptoRegulator.

Read Also:  BODEN Trader Loses $8M, Memecoin Hype Persists

The Future of Celebrity-Backed Tokens

While celebrity-backed tokens can generate significant buzz and attract new investors, they also come with inherent risks. The crypto community must find a balance between leveraging celebrity influence and ensuring the security and integrity of the market.

“Celebrity endorsements should be approached with caution. They can bring attention to the crypto space, but we must prioritize transparency and security,” tweeted @CryptoInvestor.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase