Scammers hacked the social media account of Jair Bolsonaro, Brazil’s former President, promoting a fake meme coin. The resulting BRAZIL token rose over 10,000% in a matter of minutes, netting the scammers over $1.3 million.

While he was in office, Bolsonaro did little to promote the crypto industry or associate himself with the community.

Would Bolsonaro Promote BRAZIL Meme Coin?

Crypto social media scams have grown in prominence this week, and one amusing example targeted Jair Bolsonaro. A local influencer reported that Bolsonaro’s social media account was hacked and used to promote BRAZIL, a sketchy meme coin.

The post was soon taken down, but the scammers nonetheless accumulated over $1.3 million. This follows a dark trend for political meme coins that emerged throughout the week.

“Bolsonaro’s official account on X (formerly Twitter) was hacked and they released a cryptocurrency called “BRAZIL”, which rose +10,000% in minutes! Be careful, don’t buy it. It’s a scam and Bolsonaro’s sons have already warned about it on their official profiles,” Berman claimed.

During his tenure as Brazil’s president, Bolsonaro was not an especially pro-crypto figure. He signed friendly regulations in the lame-duck session after his 2022 electoral defeat but did little else for the space.

However, under his successor’s tenure, financial regulators approved a Solana ETF and Brazil’s Central Bank partnered with Chainlink to create a CBDC.

All that is to say, it initially seems like a bizarre choice to target Bolsonaro for the meme coin scam. However, as Vitalik Buterin no

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Author: Landon Manning