Recently, hackers took control of former Malaysian Prime Minister Mahathir Mohamad's account to promote a fake cryptocurrency, leading to $1.7 million in investor losses.
Mahathir Mohamad's Account Incident
Hackers took control of former Malaysian Prime Minister Mahathir Mohamad's X account. They used it to promote a fake cryptocurrency called MALAYSIA, resulting in $1.7 million in investor losses.
Impact of This and Other Crypto Scams
The MALAYSIA incident is part of a wider trend of fraudulent political meme coins. A similar scam with the TRUMP token defrauded investors of $857 million. MALAYSIA was falsely presented as Malaysia's official currency on the Solana network and removed within an hour, after raising significant funds.
Warnings and Investor Protection
Ethereum co-founder Vitalik Buterin has warned about these scams, urging caution. Blockchain investigator ZachXBT reported Coinbase users lost $150 million to various scams. There has also been a significant increase in phishing attacks on Telegram.
With the rise in crypto scams, it is crucial to remain vigilant and well-informed. Experts believe such schemes will persist as the interest in quick profits remains strong.
