tl;dr
Former Malaysian Prime Minister Mahathir Mohamad's social media accounts were hacked by anonymous hackers to promote a fake meme coin, leveraging the hype around US President Donald Trump's meme coin. This incident is part of a trend of meme coin scams using a political facade, with a former Preside...
Former Malaysian Prime Minister Mahathir Mohamad's social media accounts were recently hacked by anonymous hackers to promote a fake meme coin, taking advantage of the buzz surrounding US President Donald Trump's meme coin. The hackers, believed to be affiliated with the Russian group Evil Corp, managed to endorse the fraudulent coin before it was taken down. However, in that short time, they were able to siphon off $1.7 million through a rapid increase in market cap followed by a quick collapse.
This incident is just one in a series of political meme coin scams that have been on the rise. Another example includes a former President of Brazil falling victim to a similar scheme. The surge in meme coins has provided scammers with the perfect opportunity to deceive users using political angles as a cover.
These scams have not only resulted in significant financial losses for investors but also have broader implications on the cryptocurrency market as a whole. Analysts fear that the rise of meme coins could potentially redirect investment capital and community interest away from altcoins, impacting the ongoing altcoin season.
Ethereum founder Vitalik Buterin has sounded the alarm on this alarming trend. It is essential to note that crypto scams are not limited to political topics alone. In a separate incident highlighted by crypto sleuth ZachXBT, Coinbase users reportedly lost a staggering $150 million to scammers, shedding light on the growing threat these scams pose.
Following the successful illicit use of the TRUMP token, which led to the theft of $857 million, scammers have been targeting prominent figures to promote fake tokens. For instance, a former Brazilian President was also hacked to endorse a bogus token, with another attempt claiming to represent the US Treasury. These deceptive ploys present substantial risks to unsuspecting investors.
Given the escalating concerns surrounding crypto scams, it is imperative for investors to exercise caution and conduct thorough research when choosing a platform for investment. Various reputable crypto platforms in Europe offer opportunities for investment, but due diligence is crucial to navigate the increasingly complex crypto landscape.