The anonymous hacker took over the X-account of former Malaysian Prime Minister Mahathir Mohammad and promoted fake meme coins. Hackers are hoping to pull a wider rug, taking advantage of the hype around President Donald Trump’s meme coin.
This incident is one of several memecoin scams that used political veneers. The former Brazilian president was targeted in a similar attack last month, but these hackers have partnered with the perhaps infamous evil Russian corporation.
Malaysia: Latest fake meme coins
Social media scams are growing in the crypto sector, and it’s difficult to explain how to prevent them. In a particularly bad example, the hackers used the former Malaysian prime minister to abandon the meme coin.
Mahathir Mohammad is the longest serving prime minister in the country and his social media accounts have begun to support Malaysia.
“Malaysia’s official cryptocurrency, Malaysia, currently lives in Solana! This marks an important milestone in showing the strength of our people and showing the existence of a nation in the digital economy. Injustice. “It is an honor to demonstrate power over Malaysia’s global crypto network.”
The post was deleted within an hour, but damages were made. Analysis shows that these hackers were linked to the perhaps infamous evil companies and were able to steal $1.7 million with this rug pull.
According to data from Geckotreminal, the token’s market capitalization jumped to $1.7 million in just 15 minutes of fake tweets, and quickly collapsed. The hackers were able to settle this amount within an hour.
Malaysia meme coin scam. Source: Geckoterminal
This Malaysian scam is just one component of the upward trend of fake political meme coins. It was an open season as the scammers stole $857 million using a card token.
A former Brazilian president was hacked and shilled one fake token, claiming another president would represent the US Treasury Department. Ethereum founder Vitalik Buterin has officially raised an alarm about this trend.
However, these scams are not only limited to political topics. Crypto Sleuth Zachxbt claimed that Coinbase users lost at least $150 million to scammers, while Scam Sniffer reported a 2000% increase in telegram-based phishing attacks since November.
Ultimately, it doesn’t look like these scams will go anywhere immediately. Analysts speculate that the rise of Meme Coins has destroyed the Altcoin season by redirecting capital investments in the sector and community interest.
If a meme coin has this much power, you will continue to receive fake tokens Speculative investment.
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