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Author: Ailsa Sherrington, CoinTelegraph; Compiled by: Tao Zhu, Bitchain Vision
Since U.S. President Donald Trump launched its iconic memecoin TRUMP on January 18, at least five senior politicians have been involved in false or botched token offerings — a figure that has causedPeople are worried.
Of particular note is the participation of Argentine President Javier Milei in the LIBRA token.According to Nansen, more than 13,000 investors lost a total of $251 million.By contrast, the so-called “shouting order” behavior only gave 2,101 investors a total of $180 million in profits.
The scammers have repeatedly tried to use the image of other puppets to profit from the memecoin craze of the U.S. president – from Saudi Arabia to Malaysia.
Here are some memecoin scandals involving leaders since Trump.
February 10 – Central African Republic Token CAR
The President of the Central African Republic launched the national token CAR on February 10, which is clearly intended to bring prosperity to the country.However, its clumsy way of publishing has caused confusion about its legitimacy.
President Faustin-Archange Touadéra’s verified X account promoted memecoin — but soon after, the project’s website was closed and its X account was suspended.
Touadéra made a strange decision after hours of silence, launching a new website and an account of X, which heightened doubts about its authenticity.These concerns are supported by a video posted by Touadéra’s account that triggered red flags when run through the Deep Forgery Detection Tool.
However, a video released by the president later did not arouse these vigilances.
Both models mark a video of Touadéra as possibly generated by artificial intelligence.Source: Deepware
Speculators cannot determine whether CAR is true or not.Many people warn X users not to invest just in case.Ultimately, the awkward release was enough to allow CAR to plummet from its $600 million market cap to nearly $0 in two days.
February 14th – “Libragate” drama begins
The LIBRA token is the most famous example of leaders being involved in the memecoin scandal since Trump.According to Nansen, 86% of traders lost more than $1,000 in investments in tokens promoted by Argentina President Javier Milei — in other words, more than 13,000 investors lost a total of $251 million.
On February 14, Milei enthusiastically posted a post about LIBRA, the project’s intentions allegedly “funding small businesses and startups in Argentina.”His now-deleted posts, as well as posts from several Argentine politicians, make memecoin credible.
LIBRA once rose to $4 and then plummeted rapidly.The next day, Milei said he “did not know the details of the project” and when he learned the news, he “decided not to continue to expose the project.”
However, not long after, contradictory statements emerged.Milei quickly refuted allegations of his involvement since the early stages of the project, as well as potential impeachment and fraud charges.The allegations continue.
Check out all the winners and losers at LIBRA.Source: Nansen
February 15th – “Bermuda National Currency”
As early as February 2, Bermuda Prime Minister David Burt was impersonated as an X user.The scammer used his image to build a fake account and somehow obtained a grey verification badge—usually only for government officials.Burt’s real account hasn’t even received this badge yet.
The scam account began promoting Pump.fun tokens called “Bermuda National Currency” to users on February 15.The real prime minister realized the act of impersonation the day before; he tagged X and his owner, Elon Musk, in his post, urging them to solve the problem.
“Not sure how they get the grey verification badge, but people will be scammed because of the lack of control of this app. Please fix it,” the post reads.
The scammers quickly added community notes to posts promoting “Bermuda National Currency”.Source: Deleted Burt Fake Account
Despite X’s delay in action, the BERMUDA Pump.fun token has never attracted much investors.Transaction history shows that only two buyers sold the token in minutes, including the creator of memecoin.
February 17 – “Official” Saudi Arabia memecoin KSA
Account X of the annual Saudi Law Conference was attacked by scammers and tampered with assumptions of Saudi Prime Minister Crown Prince Mohammed bin Salman in order to promote the “official” Saudi Arabia memecoin KSA.
On February 17, KSA promoted it in the name of the crown prince, taking advantage of Milei’s LIBRA.However, considering that KSA is not promoted on official government channels and the project does not share appropriate support and token economics, it is not difficult to suspect that this is a scam.
Of course, it’s even more obvious that KSA was launched on Pump.fun by a random developer who has only two followers.
“Buuuuy ittttttttttttttttttt,” urged Amirreza92, the developer of the “official Suadi Arabia” Meme coin.Source: Pump.fun
KSA failed to achieve much development, amassing only $7,489 in market capitalization before the public realized it.
Memecoin Fanaticism is coming to an end?
In addition to the four politicians mentioned above, Malaysia’s longest-serving prime minister has also been involved in a cryptocurrency scam on X.Former Prime Minister Mahathir Mohamed’s X account was temporarily hacked by hackers on February 5 to promote Malaysian tokens on Pump.fun.
Just one day after Trump launched, the Cuban government’s X account was also hacked to promote Cuba.
Since the U.S. president joined the trend, it marks at least five leaders involved in the memecoin farce.But countless celebrities — including Breaking Bad star Dean Norris — are in similar trouble.
According to Solscan, the memecoin fanaticism is slowing down.Whether it will recover is another matter, but at least for now, investor fatigue seems to be emerging.
