Bermuda’s Prime Minister, David Burt, took to X (Twitter) to warn the public about a fraudulent account impersonating him. The fake account falsely announced the launch of a national cryptocurrency for Bermuda, allegedly set to debut on the Solana blockchain.
Bermuda Prime Minister Exposes Fake X Account
The misleading post claimed the token was inspired by the recent success of $CAR and $LIBRA and promised an AMA session to discuss tokenomics and airdrop criteria.
Burt quickly responded, stating that the post was a scam and urging X to improve its security measures. “This is a fake account and a scam. @elonmusk & @X not sure how they get a Grey Verification badge, but people will get scammed due to the lack of controls on this app. Please fix! – DB,” he wrote.
The Prime Minister’s concern highlights the growing issue of social media scams, where fraudsters impersonate public figures to deceive unsuspecting investors.
The Rise of Fake Accounts Promoting Crypto Scams
Fake accounts and hacked profiles on X have become a significant problem in the cryptocurrency space. Scammers often create counterfeit accounts or hijack verified ones to promote fraudulent tokens.
They typically use well-known figures, such as politicians, celebrities, or business leaders, to add legitimacy to their scams. These bad actors exploit the hype around crypto projects, promising high returns, airdrops, or exclusive opportunities.
In many cases, unsuspecting users fall for these scams and invest in fake tokens, only to realize later that they have been defrauded.
Sometimes, hackers gain access to legitimate accounts of influential individuals and post misleading information to manipulate market prices. This method has been used multiple times to spread false announcements and influence crypto trading activity.
Also Read: Nasdaq’s X Account Hacked, Used for Fraudulent Memecoin Promotion
High-Profile Hacks and Crypto-Related Scams
The issue of account breaches on X isn’t new. Recently, an Alabama man pleaded guilty in federal court for his involvement in hacking the U.S. SEC X account. The breach resulted in a fake post claiming that Bitcoin ETFs had been approved, which briefly sent Bitcoin prices surging before the announcement was debunked.
Despite the rise in account hacks, overall cryptocurrency losses due to hacking incidents have declined. According to data from SlowMist, crypto-related hacks led to losses of $98.19 million in January 2025, down from $160 million in the same month last year.
The report states that there were 40 hacking incidents in January, demonstrating that while security breaches remain an issue, overall losses have decreased compared to previous years.
Strengthening Security to Combat Scams
As scams and security breaches continue to plague social media platforms, experts urge both companies and users to take stronger precautions. Social media platforms like X must improve their verification systems and take swift action against impersonators.
Users are also advised to double-check information, especially when it comes to financial investments, and to follow only official channels for news related to cryptocurrency and government projects.
Also Read: Crypto Exchange Xeggex Locks Down Wallets After CEO’s Account Hacked, Users Panic