American actress Sydney Sweeney’s X account fell victim to hacking, resulting in deleted posts that promoted a cryptocurrency named after her in what appears to be a pump-and-dump scheme.
The token, SWEENEY, based on Solana blockchain, swiftly generated over $10 million in trading volume just two hours after its launch on July 2. This surge was fueled by multiple promotional messages originating from Sweeney’s compromised X account.
One such post, now removed, read: “Well I think it’s time… $sweeney is now live 100mc incoming,” as reported by Cointelegraph, though the authenticity of these messages remains unverified.
Following its peak at a $3.85 million market cap, the price of SWEENEY plummeted by nearly 90% within an hour, stabilizing later at a market cap of $1.2 million, according to data from DEX Screener.
The administrator of a Telegram channel linked to the token, advertised via Sweeney’s X account, seemingly claimed responsibility for the hack.
The hacker, in messages that have since been deleted, boasted about being behind recent breaches involving accounts of rapper 50 Cent and ex-pro wrestler Hulk Hogan, both used to promote similar fraudulent tokens. They hinted at targeting an even more “popular” celebrity next, without specifying details.
This incident marks the second time Sweeney’s X account has been compromised for promoting a crypto token. In January, hackers used her account to endorse MILK, another Solana token currently valued at $1 million.
The hack follows a trend where minor celebrities have increasingly been involved in endorsing cryptocurrency tokens.
Notably, media figures like Caitlyn Jenner and rapper Iggy Azalea have launched and endorsed Solana-based meme coins. Azalea’s MOTHER token, initially supported by meme coin collaborator Sahil Arora, achieved a peak market cap of $148.9 million but has since seen a significant decline.
Other celebrities such as American rapper “Rich the Kid,” Nigerian singer David Adedeji Adeleke Oon, and boxing legend Floyd Mayweather have also been associated with token launches through their social media accounts.
Despite the popularity and initial success of these ventures, caution is advised, with market volatility and security risks remaining prevalent in the realm of Solana meme coins.