Sydney Sweeney Hack Mastermind Claims Responsibility for Other Celebrity Crypto Scams on X

The self-proclaimed hacker behind the Sydney Sweeney hack has allegedly claimed responsibility for recent breaches involving 50 Cent and Hulk Hogan. The X account of American actress Sydney Sweeney was compromised, with now-deleted posts promoting a crypto token named after her in what appears to be a pump-and-dump scheme.

The Sydney Sweeney hack led to the promotion of the Solana-based token SWEENEY on her X account. This token amassed over $10 million in trading volume within two hours of its launch on July 2. The surge in trading volume was fueled by multiple promotional posts from Sweeney’s hacked account.

One of the now-deleted posts from Sweeney’s X account stated, “Well I think it’s time… sweeney is now live 100mc incoming,” which Cointelegraph could not independently verify. Following the surge, SWEENEY’s price plummeted nearly 90% in just over an hour starting at 6:15 pm UTC. Despite the sharp drop, the token has since partially rebounded, with its market cap currently at $1.2 million, down from a peak of $3.85 million, according to the crypto update of news sources.

Hacker’s Claims and Further Threats

The administrator of a Telegram channel linked to the token, which was also shared on Sweeney’s X account, seemingly claimed responsibility for the Sydney Sweeney hack. In now-deleted posts, they boasted about being behind the recent hacks on the X accounts of rapper 50 Cent and former professional wrestler Hulk Hogan, which were used to promote similar fraudulent tokens. The hacker hinted at targeting an even more “popular” celebrity next, although no specific details were provided.

This is not the first instance of the Sydney Sweeney hack promoting a crypto token. In January, her X account was also breached, with hackers promoting the Solana token MILK, which currently has a market cap of $1 million.

Advertisement Banner

Celebrity Involvement in Crypto Tokens

The Sydney Sweeney hack comes amidst a trend of minor celebrities endorsing crypto tokens. Media personality Caitlyn Jenner and rapper Iggy Azalea have launched and backed Solana-based memecoins. These ventures reportedly involved memecoin collaborator Sahil Arora.

Other celebrities, including American rapper Rich the Kid, Nigerian singer David Adedeji Adeleke Oon, and boxing legend Floyd Mayweather Jr., have had token launches promoted from their X accounts. Among these, Azalea’s MOTHER token was the best-performing, reaching a peak market cap of $148.9 million. However, its market cap has since decreased by nearly $100 million, as per CoinGecko data.

Impact on Crypto Meme Coins

Hacks like the Sydney Sweeney hack can significantly affect not just crypto memecoins, but major coins like Bitcoin (BTC) and Ethereum (ETC) too. These tokens often rely on celebrity endorsements and social media hype to drive value. When a high-profile account is hacked to promote a new token, it can generate substantial trading volume and rapid price increases. However, this artificial inflation is typically followed by a sharp decline once the initial hype fades or the scam is exposed. This volatility can lead to significant financial losses for investors who buy in at the peak, unaware of the fraudulent nature of the promotion.

Conclusion

The Sydney Sweeney hack in the latest crypto news highlights the growing trend of celebrity social media accounts being targeted to promote fraudulent crypto tokens. This incident serves as a reminder of the need for increased security measures and awareness in the digital space. As more celebrities and public figures get involved in the cryptocurrency market, the potential for similar exploits may rise, necessitating greater stakeholder vigilance. The BIT Journal continues to monitor the latest crypto news and updates surrounding incidents like the Sydney Sweeney hack, providing timely information to keep the public informed.