Fraudulent X Account Impersonates Moroccan Prime Minister in Crypto Scam

The Office of the Head of Government of Morocco warned against a fake X account impersonating Prime Minister Aziz Akhannouch, promoting a non-existent cryptocurrency. Following a similar incident reported by Bank Al-Maghrib involving fraudulent media, officials urged the public to remain vigilant and rely on official communications. As cryptocurrency adoption grows across Morocco despite earlier bans, the government plans to introduce a regulatory framework.

In a recent announcement, the Office of the Head of Government in Morocco cautioned the public regarding a fraudulent account on X (formerly Twitter) impersonating Prime Minister Aziz Akhannouch. The scam involves promoting a fictitious Moroccan cryptocurrency, leading officials to issue warnings to safeguard citizens from potential scams.

The Office emphasized that the only legitimate account for updates related to the Head of Government’s activities is @ChefGov_ma. This warning surfaces shortly after Bank Al-Maghrib (BAM) reported a parallel fraud situation where impostors created deceptive media content utilizing the bank’s identity and its Governor’s image, purportedly through artificial intelligence techniques.

BAM’s fraudulent content was linked to a false investment platform making unrealistic guarantees of returns. In response to these impersonation incidents, both the Head of Government’s office and Bank Al-Maghrib have proactively informed the public to reinforce official communication channels and mitigate risks from such deceptive practices.

Prime Minister Akhannouch’s office has urged citizens and social media users to remain vigilant in recognizing fake accounts, stressing the importance of only relying on information from verified official sources. Bank Al-Maghrib also indicated that it maintains the right to pursue legal measures to protect its reputation against fraudulent identity misuse.

These incidents reflect an alarming trend of increasingly sophisticated digital fraud targeting Moroccan governmental bodies and their officials. The landscape of cryptocurrency in Morocco has undergone significant transformations. Following a complete ban on cryptocurrency transactions in 2017 due to concerns over issues like money laundering, the country saw an unexpected rise in adoption.

By 2019, approximately 3.5 million Moroccans had engaged in cryptocurrency investments, illustrating a notable shift despite the regulations. As of 2023, Morocco ranked 13th as a Bitcoin-using nation, according to an Insider Monkey analysis, while Chainalysis placed it 20th in its global crypto index, highlighting the nation’s resilience in the digital currency sphere despite regulatory challenges.

By 2024, the number of cryptocurrency holders in Morocco is projected to reach 6 million, constituting about 16% of the population, as stated by HelloSafe. Additionally, BAM’s Governor Abdellatif Jouahri revealed plans for establishing a comprehensive regulatory framework by the end of the year, demonstrating the government’s commitment to addressing the cryptocurrency environment.

In summary, the recent alerts from both the Head of Government’s office and Bank Al-Maghrib illustrate the escalating issue of digital fraud targeting Moroccan institutions. The country’s cryptocurrency sector continues to evolve despite regulatory hurdles, with significant numbers of citizens reportedly investing in digital currencies. As the government aims to establish a regulatory framework, public vigilance against fraud will be essential to maintaining the integrity of these developments.

Original Source: www.moroccoworldnews.com