President Mahama’s X account was compromised to push a cryptocurrency scam named Solanafrica.
Investigations are underway to address this breach and improve cyber defense mechanisms, preventing future scams.
Ghana Presidential Account Used to Promote Scam
President John Dramani Mahama’s official X account was compromised to push a fraudulent cryptocurrency project named Solanafrica. The scam falsely claimed President Mahama’s endorsement for facilitating cross-border payments in Africa. The Cyber Security Authority of Ghana stated: “The Cyber Security Authority is investigating the incident and is working with X and other stakeholders to address the security breach and prevent future occurrences.”
Ghana’s Cyber Security Authority confirmed the hack and initiated an investigation. They are working to prevent similar future incidents, collaborating with X and stakeholders for enhanced cyber defense.
Solanafrica Valuation Plummets from $2.4 Million
The latest price data indicates that no specific cryptocurrency named Solanafrica now holds value. However, historical estimates suggest the scam token once reached a valuation of $2.4 million before dwindling to approximately $7,000. A report on the financial impact stated: “The scammers may have extracted up to $1.9 million before crashing the token’s value.”
Experts highlight the financial impact of such scams, advocating for rigorous verification mechanisms and improved regulation to safeguard digital assets. Technological advancements must accompany policy changes to prevent such occurrences.
Updates from tech lab address the need for updated digital asset guidelines and regulations.
Repeated Hacks Target Prominent Figures’ Accounts
Similar attacks have recently targeted South Africa’s Parliament social media accounts to promote a “$Ramaphosa” token, signifying a broader pattern of exploiting high-profile figures for crypto scams. Wiehann Olivier, Head of FinTech and Digital Assets at Forvis Mazars, commented on the traceability of blockchain transactions:
It once again points back to some of the advantages that blockchain technology has in terms of the immutability of it… any activity or transaction executed on the blockchain is traceable and open.
Blockchain experts emphasize the advantages of traceability in digital transactions, facilitating scam detection. These incidents reaffirm the need for robust cryptographic security and enhanced digital governance.
