Former Malaysian PM’s X Account Compromised in $3.4 Million Crypto Scam

Hackers gained access to former Malaysian Prime Minister Mahathir Mohamad’s X account, promoting a fake meme coin called “Malaysia,” which experienced a market cap increase of $3.4 million before collapsing. The fraudulent post was intended to mislead investors, resulting in over $1.7 million stolen. This incident highlights the growing threat of scams involving political figures on social media.

In a significant scam within the cryptocurrency sector, hackers compromised the X account of former Malaysian Prime Minister Mahathir Mohamad, using it to promote a fraudulent meme coin named “Malaysia.” This token, which was listed on the Solana blockchain, saw its market capitalization increase to $3.4 million before plummeting. Such incidents highlight a disturbing trend of political figures being targeted to facilitate fake token promotions and subsequent pump-and-dump schemes.

The deception commenced with a post from Mr. Mohamad’s account, claiming that the token was the official cryptocurrency of Malaysia. The message announced, “Malaysia’s Official Cryptocurrency MALAYSIA is Now Live on Solana!” This posed as a milestone for Malaysia’s digital economy and aimed to rally support around this fake initiative. Unfortunately, the post was taken down shortly after being published, yet it had already led to substantial investor losses.

Reports indicate that more than $1.7 million was siphoned off from deceived investors before the token’s value collapsed. This incident reinforces a worrying pattern of scams leveraging the credibility of political figures to mislead the public. Crypto specialist ZachXBT also noted that Coinbase users had suffered losses exceeding $150 million due to similar fraudulent activities.

The recent incident involving the hacking of former Malaysian Prime Minister Mahathir Mohamad’s social media account illustrates a growing concern within the cryptocurrency landscape. Increasingly, scammers are utilizing the identities of prominent figures to perpetrate frauds, specifically through the marketing of fake cryptocurrencies. Such tactics take advantage of the trust and influence these individuals hold, leading to significant financial damages, particularly in rapidly evolving markets like cryptocurrencies.

In summary, the hacking of former Malaysian Prime Minister Mahathir Mohamad’s X account underscores a serious threat in the cryptocurrency sphere, where scams involving high-profile individuals are on the rise. With over $1.7 million stolen through the illicit promotion of a fake token within a short time frame, this incident serves as a cautionary tale for investors. As the trend of cyber fraud continues, all stakeholders must remain vigilant and informed about potential scams.

Original Source: coinpedia.org