Hackers took over the X account of former Malaysian Prime Minister Mahathir Mohamad to promote a fraudulent meme coin, stealing $1.7 million . This scam is part of a larger trend of fake political meme coins, following the TRUMP token rug pull that scammed investors out of $857 million . The rise of such scams comes alongside a 2000% increase in Telegram phishing attacks and reports of Coinbase users losing $150 million to fraud. Anonymous cybercriminals hijacked Mahathir’s social media to promote a scam coin called MALAYSIA. This follows a similar attack last month on the former Brazilian President, with hackers likely linked to the Russian group Evil Corp. The fraudulent post claimed that MALAYSIA was the country’s official cryptocurrency, launched on the Solana network. It falsely stated that this token was a symbol of Malaysia’s strength in the global digital economy. The post was deleted within an hour, but not before investors poured money into the coin. Analysis suggests the hackers managed to liquidate $1.7 million within minutes. Data from GeckoTerminal shows that the token’s market cap spiked to $1.7 million in just 15 minutes before crashing. Investors were left with worthless holdings as the hackers executed a classic rug pull. This incident is part of a growing wave of fake political meme coins. Scammers previously used the TRUMP token to drain $857 million from unsuspecting investors. Other fraudulent coins have claimed ties to a former Brazilian President and even the US Treasury. Ethereum co-founder Vitalik Buterin has publicly warned about these scams, calling for greater awareness. However, political scams are just one piece of the puzzle. Blockchain investigator ZachXBT has reported that Coinbase users have lost $150 million to various scams. Meanwhile, Scam Sniffer data indicates a 2000% rise in Telegram phishing attacks since November. Crypto analysts warn that these scams are unlikely to disappear anytime soon. The explosion of meme coins has shifted attention and investment away from traditional altcoins, fueling speculation in unregulated projects. As long as investors continue to chase quick profits, fake tokens will attract significant funds.
