American actress Sydney Sweeney’s X account was hacked to advertise the SWEENEY crypto token, which seems to be a part of a pump-and-dump rip-off.
One of many now-deleted posts from Sweeney’s account learn, “Nicely I believe it’s time. $sweeney is now reside 100mc incoming.”
The token, constructed on the Solana blockchain, noticed its buying and selling quantity surge to over $10 million inside two hours of its launch on July 2.
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Regardless of the preliminary hype, SWEENEY’s worth plummeted by roughly 90% in simply over an hour after it peaked at 6:15 PM UTC. Its market cap now stands at lower than $600,000, a pointy decline from its peak of $3.85 million.
A Telegram channel related to the token, which was promoted on Sweeney’s X account, had an administrator who claimed accountability for the hack.
In messages which have since been deleted, in addition they admitted involvement in latest hacks of rapper 50 Cent and former wrestler Hulk Hogan’s X accounts, which had been equally used to advertise fraudulent tokens. Moreover, they hinted at concentrating on one other superstar with out offering particular particulars.
The hack is a part of a development involving celebrities within the promotion of crypto tokens. Media figures like Caitlyn Jenner and rappers Iggy Azalea and Wealthy the Child have launched Solana-based memecoins with the help of memecoin collaborator Sahil Arora.
Amongst these, Azalea’s token, MOTHER, carried out the perfect, reaching a peak market cap of $148.9 million. Nonetheless, it has since dropped by practically $100 million.
The sample of hacking social media accounts to push questionable crypto tasks stays a troubling development in crypto.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Battle II period.With near a decade of expertise within the FinTech business, Aaron understands the entire largest points and struggles that crypto fans face. He’s a passionate analyst who is anxious with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and business newcomers.Aaron is the go-to individual for every part and something associated to digital currencies. With an enormous ardour for blockchain & Web3 training, Aaron strives to remodel the area as we all know it, and make it extra approachable to finish freshmen.Aaron has been quoted by a number of established shops, and is a printed writer himself. Even throughout his free time, he enjoys researching the market developments, and in search of the following supernova.
