Billionaire Mohammed Dewji Targeted in Recent Crypto Scam Involving $TANZANIA
Mohammed Dewji’s X account was hacked, resulting in followers losing over $1.4 million due to a scam involving false promotions of the TANZANIA coin.
If you’re a celebrity with an official social media account, be cautious: hackers can strike at any time and potentially harm your reputation. Over the years, hackers have compromised numerous X accounts, posting misleading promotions and outright lies to the community.
Notable Victims of Similar Hacks
Famous personalities like Barack Obama and Michael Jordan have also experienced account breaches, during which followers were tricked into believing they were launching coins or tokens. Recently, it was Mohammed Dewji’s turn. Dewji, a billionaire businessman and head of the MeTL Group, has a considerable following and influence.
This popularity, however, made him a prime target for hackers. On Wednesday morning, unusual promotional messages began appearing on his X account, endorsing a new token called $TANZANIA. Given his reputation as a major figure in East Africa, the idea that he was launching a token named after his country initially seemed plausible.
Later, Dewji confirmed through WhatsApp that he had no knowledge of the $TANZANIA token, and his account had indeed been compromised.
The Deepfake Video and the TANZANIA Token Scam
A ten-second video posted on his X account raised suspicions. It showed Dewji in his home office holding a paper with “TANZANIA” written on it. Following this, messages were sent out urging over 2.2 million followers to invest in the TANZANIA token on Solana.
After Dewji clarified that the video was a deepfake, the extent of the scam was revealed.
The Aftermath: A Rug Pull
By the time Dewji announced the compromise, the damage had been done. Despite his clarification and the removal of promotional posts, investors had already invested approximately $1.48 million into the scam.
Reports indicated that the hacker had introduced 90 SOL to various wallets before acquiring a substantial portion of TANZANIA tokens. When prices surged, the perpetrator sold all tokens, making off with around $1.5 million in a typical rug pull scheme.
Who is Responsible?
Following the breach and subsequent financial loss, Dewji acknowledged the necessity for stronger cybersecurity measures. However, scrutiny also falls on social media platforms, especially with Elon Musk’s acquisition of Twitter aimed at eliminating scams but failing to prevent such incidents.
As per FBI statistics, crypto scams resulted in losses exceeding $5.6 billion in 2023 alone, a 23% increase compared to the previous year, showcasing the extent of the issue.
Key Takeaways
- Mohammed Dewji’s X account was hacked.
- The hacker promoted the TANZANIA token leading to a massive financial loss for investors.
- Reports indicate over $5.3 billion was lost to crypto scams in 2023.
