In a recent turn of events, the personal X account of the renowned American actress Sydney Sweeney fell victim to unauthorized access, with subsequent posts now removed that appeared to endorse a cryptocurrency token named after her, suggesting a potential pump-and-dump fraud.
The token, named SWEENEY and built on the Solana blockchain, saw a staggering surge in trading volume, exceeding $10 million within just two hours of its introduction on July 2. This spike was fueled by a series of promotional messages from Sweeney’s compromised X account.
A particular post from Sweeney’s account, which has since been erased, proclaimed the launch of the $sweeney token, hinting at an imminent market cap of 100 million dollars. This post was circulated online but remains unverified by independent sources like Cointelegraph.
A promotional post from Sydney Sweeney’s X account for the SWEENEY token. Credit: Ioa
chim Viju
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The value of SWEENEY plummeted by nearly 90% shortly after, within just over an hour starting from 6:15 pm UTC, although it has seen a partial recovery since. According to the latest data from DEX Screener, its market capitalization now stands at $1.2 million, a significant drop from its highest point of $3.85 million.
The individual managing a Telegram group associated with the SWEENEY token, which was also promoted on Sweeney’s X account, appeared to acknowledge their involvement in the security breach.
Correspondence from the individual who compromised Sydney Sweeney’s X account. Source: Telegram
In messages that have now been deleted, this person claimed responsibility for similar unauthorized activities on the X accounts of rapper 50 Cent and former professional wrestler Hulk Hogan, which were used to endorse other counterfeit tokens. They also hinted at plans to target an even more prominent celebrity than Sweeney, though no further details were provided.
This incident marks the second occasion Sweeney’s X account has been targeted to promote a cryptocurrency token. Earlier in January, her account was similarly hacked, leading to the promotion of the Solana-based token MILK, which currently boasts a market capitalization of $1 million.
This breach occurs amidst a trend where several lesser-known celebrities have begun endorsing cryptocurrency tokens.
In related news, Vitalik Buterin has openly criticized celebrity-endorsed memecoins.
Notable public figures such as media personality Caitlyn Jenner and rapper Iggy Azalea have both initiated and supported Solana-based memecoins, allegedly in collaboration with memecoin partner Sahil Arora.
Other celebrities, including American rapper “Rich the Kid,” Nigerian musician David Adedeji Adeleke Oon, and boxing icon Floyd Mayweather, have also had token launches promoted through their X accounts.
Among these, the MOTHER token, backed by Azalea, emerged as the most successful celebrity token, reaching a peak market cap of $148.9 million.
However, according to the latest figures from CoinGecko, its market cap has since diminished by nearly $100 million.
For those interested in the Solana memecoin market, caution is advised. The magazine article “5 Dangers to Beware When Apeing into Solana Memecoins” offers valuable insights.