Luke Nolan from CoinShares described the incident as a 'pump and dump' scheme, where creators inflate a coin's value to attract investors before selling their shares and leaving the coin worthless.

On April 15, 2025, UK minister Lucy Powell's X account was hacked, promoting a fraudulent cryptocurrency called 'House of Commons Coin' ($HCC) to her nearly 70,000 followers.

Powell's team confirmed the hacking to the BBC, stating they acted swiftly to regain access, although the method of the hack remains unknown.

This event is part of a broader trend where hackers target the X accounts of public figures to promote fraudulent cryptocurrency tokens, often exploiting their credibility.

The misleading posts, which included the official House of Commons insignia, were quickly deleted, highlighting the rising threat of cryptocurrency scams targeting the public.

This incident follows a similar case in January 2025, where BBC presenter Laura Kuenssberg's account was compromised to promote a fake BBC crypto coin.

Action Fraud reported over 35,000 cases of hacked social media or email accounts in 2025, emphasizing the importance of cybersecurity measures like two-step verification.

The House of Commons emphasized its commitment to cybersecurity, advising users on managing digital safety and confirming that no such cryptocoin as $HCC exists.

American politician Vivek Ramaswamy also experienced a hack where his X account was used to falsely announce a partnership with a stablecoin.

Phishing scams and data breaches are common methods for obtaining account details, putting users at risk, especially if they reuse passwords across multiple accounts.

The hacking of political figures' social media accounts for crypto scams is a growing trend, with similar incidents involving notable figures like former Ghanaian President John Mahama.

Despite Powell's lack of previous cryptocurrency promotion, political figures endorsing cryptocurrencies is not uncommon, as seen with other leaders like Donald Trump.