On February 10, 2023, Central African Republic President Faustin-Archange Touadéra announced the launch of a new memecoin. This announcement triggered a wave of questions and suspicions about the project.
Background of the Central African Republic's Memecoin
The Central African Republic had already entered the cryptocurrency space. In April 2022, it adopted Bitcoin as legal tender and soon launched Sango Coin to attract foreign investments. However, in March 2023, Bitcoin's legal tender status was repealed. After the memecoin launch, the project's website and associated X account were taken offline.
Deepfake Suspicions and Technical Aspects
Some users noted that Touadéra's X account used English to promote the memecoin, whereas it normally uses French, one of the official languages in the CAR. This raised suspicions among users. Moreover, the first video posted from the account raised concerns due to fake detection analysis by deepfake detection tools. A subsequent video passed the tests and showed no signs of being fake.
Security Issues and Meme Coin Scams
Although the project received criticism for its legitimacy, it also raised security concerns due to the presence of phishing links. Cryptocurrency analytics platforms such as CoinGecko and security firms like SlowMist discovered fake links and potential security threats on related web pages, further undermining user confidence.
The project of the Central African Republic's memecoin continues to stir controversy despite its goals and claimed economic benefits. Issues around security and the sudden drop in token value remain unresolved, creating challenges for investors and users interested in the project.
