Malaysia’s Former PM’s Social Media Hacked to Promote Crypto Scam

A recent cryptocurrency scam has highlighted a growing and concerning trend—hackers hijacking the social media accounts of political figures to promote fraudulent digital assets. The latest incident involved Malaysias former Prime Minister, Mahathir Mohamad, whose X (formerly Twitter) account was compromised to market a fake meme coin called “Malaysia.”

The scam unfolded when cybercriminals gained access to Mahathir‘s account and posted a misleading announcement, falsely claiming that the token was Malaysia’s official cryptocurrency. The post described the launch as a significant milestone for the nation's digital economy and positioned the coin as a symbol of national strength in the global crypto market. While the fraudulent message was swiftly removed within an hour, the damage had already been done. Investors, lured by the legitimacy of the endorsement, poured money into the token. Within a short period, over $1.7 million had been siphoned off before the coins value crashed completely.

Initially listed on the Solana blockchain, the token‘s market capitalisation surged by $3.4 million before its abrupt collapse. The incident follows a pattern where scammers exploit high-profile figures to execute pump-and-dump schemes, artificially inflating a token’s price before dumping it, leaving unsuspecting investors with worthless assets.

This case is not an isolated event. Similar tactics have been increasingly used by crypto fraudsters, targeting influential individuals to enhance credibility and deceive the public. Blockchain investigator ZachXBT recently reported that users on Coinbase alone have lost at least $150 million to scams of this nature. The rapid expansion of the digital asset space has created opportunities not just for legitimate innovation but also for sophisticated cybercriminals who manipulate the trust associated with well-known figures.

As the cryptocurrency sector remains largely unregulated in many parts of the world, the responsibility falls on investors to exercise caution. Verifying information through official government or financial institution channels before making investment decisions is crucial. The rise of politically linked crypto scams serves as a stark reminder that even in a decentralised world, trust should never be taken at face value.

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