Published on juli 4, 2024, 12:32 am
Image source: Fox News
```json [ { "TLDR": "A hacker breached actress Sydney Sweeney's X account to promote a fraudulent cryptocurrency token named SWEENEY on the Solana network, which quickly gathered $10 million but then plummeted by 90%. The hacker boasted about orchestrating the scam and hinted at targeting more celebrities in the future. This incident is the second breach of Sweeney's account for promoting crypto tokens. Various other celebrities have also endorsed Solana-based memecoins, emphasizing caution in such ventures due to risks despite potential rewards." } ] ```
A self-proclaimed hacker has recently taken credit for breaching American actress Sydney Sweeney’s X account, triggering a series of now-deleted posts endorsing a cryptocurrency token named after her in what seems to be a pump-and-dump scam.
The token, known as SWEENEY and based on the Solana network, quickly gathered over $10 million in trading volume just two hours after its launch on July 2. This surge was propelled by multiple promotional posts originating from Sweeney’s compromised X account. Despite the initial excitement, the price of SWEENEY plummeted by almost 90% within an hour from 6:15 pm UTC. Although there has been a partial recovery since then, the market cap has dwindled to $1.2 million from its peak at $3.85 million, according to DEX Screener data.
Interestingly, the administrator of a Telegram channel associated with the token, which was linked through Sweeney’s X account, boasted about orchestrating the hack. They also claimed responsibility for similar breaches involving rapper 50 Cent and ex-wrestler Hulk Hogan to promote fraudulent tokens. Furthermore, they hinted at targeting an even more renowned celebrity than Sweeney in the future but refrained from divulging specifics.
This incident marks the second time that Sweeney’s X account has been compromised for promoting a crypto token. In an earlier breach in January, hackers endorsed the Solana token MILK, which currently holds a market cap of $1 million.
These events unfold against a backdrop where various lesser-known celebrities have ventured into endorsing crypto tokens. Figures like Caitlyn Jenner and Iggy Azalea have dabbled in backing Solana-based memecoins with initial involvement from collaborator Sahil Arora. Moreover, personalities such as Rich the Kid and Floyd Mayweather Jr., among others, have had token launches propagated through their X accounts.
Despite initial success stories like Azalea’s MOTHER token soaring to a peak market cap of $148.9 million before experiencing a significant drop-off – shedding nearly $100 million off its valuation subsequently – caution remains paramount when venturing into ventures involving Solana memecoins.
In conclusion, this escapade underscores both the allure and perils associated with celeb-endorsed cryptocurrency ventures like these amidst an evolving digital landscape where risks lurk alongside potential rewards.
Original article posted by Fox News
