Former Malaysian PM’s X Account Hacked to Promote Scam Meme Coin
Anonymous hackers seized the X account of former Malaysian Prime Minister Mahathir Mohamad to promote a scam meme coin.
The perpetrators exploited the buzz around US President Donald Trump’s meme coin to carry out a broader rug pull.
This incident is one among several scam meme coin schemes that have masked themselves with political affiliations.
Notably, a former Brazilian president was also targeted last month, fueling speculation that these attacks may be linked to the notorious Russian group, Evil Corp.
Key Takeaways:
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$MALAYSIA Meme Coin Rug Pull
Social media scams in the crypto space are on the rise, and preventing them is increasingly challenging.
In this particularly striking case, hackers manipulated the identity of Malaysia’s longest-serving prime minister to endorse a fake meme coin under the banner MALAYSIA:
Malaysia’s Official Cryptocurrency $MALAYSIA is Now Live on Solana! This marks a significant milestone in showcasing the strength of our people and our nation’s presence in the digital economy.
Although the scam post was removed within an hour, significant damage had already been done.
Analysis indicates that the hackers, potentially associated with Evil Corp, managed to execute a rug pull that netted approximately US$1.7 million.
According to GeckoTerminal, the token’s market capitalization surged to $1.7 million within just 15 minutes of the fake tweet, only to crash just as quickly.
The scammers managed to liquidate the entire amount in under an hour.
Broader Context and Impact
This Malaysian scam is just one facet of a growing trend of politically themed meme coin frauds.
Since scammers used the TRUMP token to steal US$857 million, the current season has seen an unprecedented openness in these schemes.
In addition to the Malaysian case, a former Brazilian president’s account was compromised to promote a counterfeit token, while another incident involved an impersonator claiming to represent the US Treasury.
Ethereum founder Vitalik Buterin has formally raised alarms over this emerging trend.
Moreover, the issue extends beyond political figures. Crypto detective ZachXBT reports that Coinbase users have lost at least US$150 million to scammers, and Scam Sniffer has observed a 2000% increase in Telegram-based phishing attacks since November.
Analysts speculate that the meteoric rise of meme coins is disrupting the traditional altcoin season by diverting investment and community interest to this sector.
If meme coins wield such influence, scam tokens will likely continue to attract speculative investments.
Frequently Asked Questions (FAQs)
Where can I buy meme coins in Malaysia?
You can buy meme coins in Malaysia on various cryptocurrency exchanges, including:
- Bitget (bitget.com) – Offers direct purchase of meme coins like PEPE and MEME.
- CoinGecko (coingecko.com) – Provides price tracking and exchange listings.
- Transak (transak.com) – Facilitates fiat-to-crypto purchases, including meme coins.
Where can I buy coins in Malaysia?
You can buy cryptocurrencies, including meme coins, from popular exchanges operating in Malaysia such as:
- Luno – One of the most popular regulated exchanges in Malaysia.
- Binance – Offers a wide range of cryptocurrencies, including meme coins.
- Paxful – Peer-to-peer platform for buying crypto with MYR.
- Tokenize Xchange – Licensed exchange in Malaysia.
