In a recent cryptographic scam, pirates took control of the X -Malaysian Prime Minister Mahathir Mohamad and used it to promote a false piece of memes called “Malaysia”. According to reports, the token was initially listed on the Solana blockchain and saw its market capitalization of $ 3.4 million before collapsing rapidly. The scam follows an increasing trend where the social media accounts of political figures are diverted to create false tokens and execute pump and blow patterns.
The fraudulent promotion began when the pirates published an announcement on Mahathir’s X account, saying that “Malaysia” was the country’s official cryptocurrency. “The official cryptocurrency of Malaysia Malaysia is now live on Solana! This marks an important step in the presentation of the strength of our people and the presence of the nation in the digital economy. It is an honor for us to demonstrate the power of Malaysia on the global crypto network, “said the false post.
Although the position was removed in an hour, the damage has already been caused. Investors were deceived in the investment, with more than $ 1.7 million stolen before the value of the token crashed.
It is not an isolated incident because the scams involving political figures and social media accounts have become more common. Crypto Zachxbt expert reported that Coinbase users had lost at least $ 150 million against crooks.