Crypto News: Former Malaysian PM’s X Account Hacked in $3.4 Million Meme Coin Scam

In a recent crypto scam, hackers gained control of former Malaysian Prime Minister Mahathir Mohamad’s X account and used it to promote a fake meme coin called “Malaysia.” According to reports, the token was initially listed on the Solana blockchain and saw its market cap surge by $3.4 million before rapidly collapsing. The scam follows a growing trend where political figures’ social media accounts are hijacked to create fake tokens and execute pump-and-dump schemes.

The fraudulent promotion began when the hackers posted an announcement on Mahathir’s X account, claiming that “Malaysia” was the country’s official cryptocurrency. “Malaysia’s Official Cryptocurrency MALAYSIA is Now Live on Solana! This marks a significant milestone in showcasing the strength of our people and out nation’s presence in the digital economy. It is an honor for us to demonstrate Malaysia’s power on the global crypto network,” the fake post said.

Despite the post being removed within an hour, the damage was already done. Investors were tricked into investing, with over $1.7 million stolen before the value of the token crashed.

This is not an isolated incident, as scams involving political figures and social media accounts have become more common. Crypto expert ZachXBT reported that Coinbase users lost at least $150 million to scammers.