YEREVAN (CoinChapter.com) — Hackers reportedly took over the X account of Myanmar’s junta leader, Min Aung Hlaing, using it to promote a fraudulent cryptocurrency project. The compromised account posted messages claiming to introduce
“Myanmar’s first national crypto,”
attempting to create the illusion of an official government-backed digital asset.
On Feb. 22, the attackers shared multiple crypto wallet addresses before deleting them. Later, they announced a postponed launch and provided a new wallet address, raising further concerns among crypto users.
A user on X warned,
“This account from the government of Myanmar has been hacked. Dropped several CAs and deleted, as well as announcing a space then deleted 3 minutes later.”
Myanmar Junta Leader’s X Account Posts Suspicious Crypto Launch Announcements. Source: X/Min Aung HlaingCrypto Scams Target Political Leaders
This incident follows a growing pattern where hackers take control of political figures’ accounts to promote fraudulent crypto projects. Cybercriminals use high-profile identities to gain credibility, misleading investors.
Earlier this month, scammers impersonated Saudi Arabian Crown Prince Mohammed bin Salman to push a fake cryptocurrency token. Similarly, former Malaysian Prime Minister Mahathir Mohamad’s X account was hijacked to promote a fraudulent meme coin.
Saudi Law Conference X Account Posts Suspicious Announcements About Saudi Arabia Memecoin. Source: X/Saudi Law ConferenceIn another case, Central African Republic’s President Faustin-Archange Touadéra introduced an official state-backed crypto called CAR. While this initiative was legitimate, similar announcements have been used by hackers to create crypto scams.
Myanmar Crypto Announcement Raises Skepticism
Some analysts questioned whether a military-led government could successfully launch a cryptocurrency. They noted that state-backed digital assets often serve as financial tools rather than decentralized projects.
Crypto researcher Cedric Beau stated,
“Signals a shift: more nations exploring state-backed crypto to sidestep sanctions & SWIFT dependence. Geopolitically, it’s a test case. If it works, expect more isolated regimes to follow. This isn’t about innovation but it’s about sovereignty vs financial gatekeeping.”
Cedric Beau Reacts to Myanmar’s National Crypto Announcement, Raises Concerns Over State Control. Source: X/Cedric BeauHis statement suggested that sanctioned countries may explore cryptocurrency to bypass restrictions rather than for financial development.
Security Concerns Over Political Figures’ Accounts
The repeated targeting of government officials’ X accounts raises concerns about social media security. Hackers continue to use these platforms to promote crypto scams, misleading users into believing in fake digital asset launches.
The pattern of cybercriminals hijacking high-profile accounts highlights the risks of trusting social media-based crypto promotions. Users must verify information before engaging with any cryptocurrency projects linked to political figures.
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