Crypto experts issue scam alert after Parliament’s official social media accounts hacked

JOHANNESBURG - Crypto experts have warned that scammers are on the prowl again after Parliament’s official social media accounts were hacked over the weekend.

Parliament was hit by a cyberattack promoting a fake cryptocurrency token named after President Cyril Ramaphosa.

Designed to swindle potential investors, the scam claimed the token was backed by government in a bid to give it credibility.

But the posts on YouTube, Facebook and X were quickly taken down, with Parliament distancing itself from the token.

General manager for Africa and Europe at crypto exchange Luno, Marius Reitz said: "When big names are attached to these tokens, it adds a false sense of credibility, and the victims often think that if this person is promoting it then it must be legit."

Reitz said the scammers were banking on a recent global rally on crypto markets.

"This token comes on the back of President Trump and his wife Melania, who launched their own tokens earlier this year. Those tokens likely lowered the red flags for many investors."