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Fake Bermuda PM account promotes scam token to over 50K followers
The involvement of leading national politicians in crypto scams, whether intentional or accidental, is drawing increased attention and sparking debate within the crypto community.
For instance, Bitcoin.Swan.com CEO Cory Klippsten sarcastically thanked the presidents of the United States and Argentina on his social media page for their "massive marketing campaigns" and "pump-and-dump frauds." However, other crypto influencers were less forgiving.
Scam tokens at the highest level
Argentine economist and trader Alex Krüger called for an end to the normalization of pump-and-dump schemes in crypto. He highlighted that a small group of insiders cashed out over $100 million in just two hours, causing the LIBRA token's price to plummet by 97%.
"The Milei administration must disclose the identities of all participants. All financial agreements must be made public, and the government should appoint a team of experts to trace on-chain activity and identify those who profited from this," Krüger wrote on his social media account.
Krüger speculated that Argentina’s president was approached by someone who persuaded him to promote the LIBRA coin in exchange for financial benefits, either personally or for Argentina—or both. He argued the president agreed without fully understanding the implications and failed to exercise due diligence or oversight.
"I’m an Argentine and (until today) an enthusiastic supporter of Milei. I haven’t felt such disgust for crypto since SBF wrecked the entire industry," Krüger concluded.
Meanwhile, Cointelegraph highlighted the ongoing issue of scammers freely promoting fraudulent tokens.
Since early February, a fake social media account impersonating Bermuda's Prime Minister David Burt has been promoting the Bermuda National Coin.
The fraudulent account differs from the real one by having fewer posts but more followers (12,000 vs. 51,200) and was only recently registered. Both accounts are marked with verification checkmarks for government officials; however, the real Burt’s account has a blue checkmark, while the fake one uses a gray checkmark.
The real and fake accounts of David Burt. Source: Cointelegraph
On February 14, the real Prime Minister of Bermuda flagged the fake account and urged users not to fall for the scam. Despite this, the fraudulent account remains active and continues to promote what it claims to be official tokens.
As we wrote, Argentina’s President Javier Milei has retracted his endorsement of the LIBRA memecoin, stating that he has no connection with the project.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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