A recent crypto scandal involved the hacking of former Malaysian Prime Minister Mahathir Mohamad’s account to promote a fake meme coin.
Incident Details
Hackers gained control of Mahathir Mohamad's X account to promote a fake token named "Malaysia." The token was listed on the Solana blockchain and saw its market cap surge by $3.4 million before crashing.
How the Scam Unfolded
The fraudulent campaign started with a post on the hacked account declaring "Malaysia" as the official cryptocurrency of the country. The post encouraged participation in the digital economy through the new token. Although the post was removed within an hour, investors lost over $1.7 million.
Wider Issue
This is not an isolated case; hackers increasingly target political figures' accounts to create fake tokens. Crypto expert ZachXBT reported that Coinbase users lost at least $150 million to similar scams.
Incidents of hackers targeting public figures for crypto scams continue to rise, calling for stronger security measures and user vigilance on social media.
