Hackers potentially took control of the official X account of Myanmar’s military junta leader on Saturday, using it to promote a fraudulent cryptocurrency.

This incident could be the part of a growing trend where scammers exploit high-profile political figures to add credibility to scam tokens, deceiving unsuspecting investors.

Another Political Crypto Scam Now Targeting the Myanmar Government

On February 22, the X (formerly Twitter) account belonging to Myanmar’s junta leader, Min Aung Hlaing, began posting about a so-called national cryptocurrency launch.

The posts described it as “Myanmar first national crypto,” attempting to present it as an official digital asset.

Crypto users on X quickly noticed irregularities. The hackers initially shared multiple cryptocurrency wallet addresses before deleting them.

Soon after, they claimed the launch was postponed and provided a new wallet address, raising further suspicion.

“This account from the government of Myanmar has been hacked . Dropped several CAs and deleted, as well as announcing a space then deleted 3 minutes later,” one user wrote on X.

Meanwhile, market observers questioned whether a military-led government could successfully launch a cryptocurrency. They noted that such an initiative contradicts the principles of decentralization.

One user pointed out that state-backed digital assets often serve as a tool for financial control rather than innovation. The analyst also speculated that countries under economic sanctions might explore cryptocurrency as a way to bypass traditional financial systems.

“Signals a shift: more nations exploring state-backed crypto to sidestep sanctions & SWIFT dependence Geopolitically, it’s a test case If it works, expect more isolated regimes to follow This isn’t about innovation but it’s about sovereignty vs financial gatekeeping,” Cedric Beau stated.

Meanwhile, this attack on Myanmar’s junta leader follows a broader pattern of cyber threats targeting political figures.

Earlier this month, the Central African Republic’s President, Faustin-Archange Touadéra, introduced an official meme coin called CAR. The token was meant to highlight the country’s confidence in blockchain technology.

While that initiative was legitimate, hackers have used similar tactics to deceive users by falsely linking government officials to fake token launches.

Just days ago, scammers impersonated Saudi Arabia’s Crown Prince Mohammed bin Salman to promote a fraudulent cryptocurrency.

In another case, anonymous hackers took over the X account of former Malaysian Prime Minister Mahathir Mohamad to push a fake meme coin.

These incidents reveal a troubling pattern of hackers hijacking political figures’ social media accounts to promote fraudulent cryptocurrency schemes. By exploiting their identities, scammers create a false sense of legitimacy for fake tokens.

As these scams become more common, users must stay vigilant and verify sources before engaging with any token promotions linked to public figures.

Kanye West, now known as Ye, has denied any involvement with the YZY tokens circulating in the market, asserting that he will introduce his own cryptocurrency next week.

This statement follows his earlier dismissal of any interest in digital assets, adding a fresh twist to the speculation surrounding his stance on crypto.

Kanye West Says Existing YZY Tokens Are Fake

In a post on February 22, Ye made it clear that he has no ties to the YZY tokens currently in circulation. He emphasized that all existing coins using his brand are illegitimate and reaffirmed his intention to launch his own cryptocurrency soon.

“All current coins are fake. I’m launching next week,” Ye wrote on X.

His announcement has sparked mixed reactions within the crypto community. Some critics believe his project could turn into another celebrity-backed rug pull.

Others pointed out that his latest move contradicts his earlier statement, where he distanced himself from launching any token. Meanwhile, some supporters advised him to time the launch carefully to avoid market volatility.

Nate Geraci, President of ETF Store, issued a warning to investors, stating that anyone choosing to invest in Ye’s crypto should be prepared for potential losses.

“If he (ye) launches and you buy & lose…it’s on you. Nobody to blame. I don’t want to hear about crypto regulation, rug pulls, scams, etc. It’s a wealth transfer from you to insiders. You’re spinning broken roulette wheel,” Geraci added.

Speculation Grows Around Ye’s Crypto Move

Ye’s announcement follows reports of multiple YZY-branded tokens appearing on the Solana-based launchpad Pump.fun. These developments fueled speculation that he was indeed planning a token launch.

Other reports claim that Ye is actively working on a YZY token linked to his Yeezy fashion brand. Publications like CoinDesk allegedly received a press release from Hussein Lalani, who is said to be Yeezy’s Chief Financial Officer, along with other sources familiar with the project.

Details surrounding the token’s structure indicate that Ye could control 70% of the supply, with 20% allocated to investors and 10% reserved for liquidity. A portion of his holdings would reportedly be subject to a one-year vesting period, preventing immediate access.

While an official launch date remains uncertain, speculation continues to build. Data from Polymarket, a decentralized prediction platform, currently suggests a 71% probability of the token debuting this month, with more than $18 million wagered on its release.

Ye’s latest move adds to the unpredictable phase of celebrity and political meme coins that’s plaguing the industry right now. Such endorsed tokens have caused notable chaos in the market in the past weeks.

Mantle (MNT) is down more than 10% following the Bybit hack, where roughly $174 million of cmETH – a Mantle-based coin providing liquidity for ETH in the MNT ecosystem – was stolen. The hack, linked to the North Korean Lazarus Group, triggered panic selling, causing MNT’s Relative Strength Index (RSI) to plummet to oversold levels.

Although MNT’s RSI has since rebounded to 39.9, it remains in bearish territory, reflecting cautious sentiment. Additionally, MNT’s Chaikin Money Flow (CMF) is trying to recover but is still deeply negative, while its Exponential Moving Average (EMA) lines suggest persistent downward momentum.

MNT RSI Touched Strong Oversold Levels After Bybit’s Hack

Mantle’s RSI dropped sharply from 54.7 to 22.9 within a few hours following the Bybit hack, where the North Korean hacking group Lazarus stole $1.5 billion, making it the biggest crypto hack ever. Among the assets stolen was cmETH, a Mantle-based coin providing liquidity for ETH in the MNT ecosystem.

This massive outflow of funds triggered panic selling, leading to a significant decline in MNT’s Relative Strength Index (RSI). RSI is a momentum oscillator that measures the speed and change of price movements, typically ranging from 0 to 100.

It is commonly used to identify overbought or oversold conditions, with values above 70 indicating overbought conditions and below 30 suggesting oversold territory. Mantle’s RSI plummeting to 22.9 signaled extreme overselling, reflecting intense bearish sentiment amid the fallout from the hack.

Following this sharp decline, Mantle’s RSI has rebounded to 39.9, showing signs of recovery in the last few hours. An RSI below 30 generally indicates that an asset is oversold and could be due for a price bounce as selling pressure wanes.

Now, with RSI approaching the neutral zone (30-50 range), it suggests that the extreme selling momentum has eased, potentially attracting bargain-hunters or bottom-fishers. If RSI continues to rise, it could indicate growing bullish momentum and a possible reversal in MNT’s price trend.

However, if RSI fails to break above the 50 threshold, it could signify continued uncertainty and a lack of buying strength, leaving MNT vulnerable to further downside risk.

Mantle CMF Is Trying to Recover, But It’s Still Very Negative

MNT’s Chaikin Money Flow (CMF) was already in negative territory before the Bybit hack, reflecting a bearish trend and selling pressure. However, following the hack, MNT’s CMF plunged even further, reaching a negative peak of -0.35 yesterday.

CMF is an indicator that measures the volume-weighted average of accumulation and distribution over a set period. It ranges from -1 to 1, with positive values suggesting buying pressure and accumulation, while negative values indicate selling pressure and distribution.

The sharp decline to -0.35 signaled intense outflows from Mantle. That confirms significant selling momentum amid the heightened market fear and uncertainty triggered by the hack.

After reaching this negative peak, MNT’s CMF has started to recover, currently sitting at -0.24. Although still far from turning positive, this upward movement suggests that selling pressure is gradually easing.

A rising CMF, even while negative, can indicate that bearish momentum is losing steam. If buying volume continues to increase, that could potentially pave the way for a price stabilization or even a reversal. However, as long as CMF remains in negative territory, MNT price is likely to face resistance.

A shift to positive CMF would be a more convincing sign of bullish sentiment returning. That could signal a stronger likelihood of a price recovery.

Mantle Dropped Below $1 For the First Time Since Early February

MNT’s Exponential Moving Average (EMA) lines are currently very bearish, with all short-term EMAs below the long-term ones. This setup indicates strong downward momentum, as recent prices are weaker compared to historical trends.

If this bearish trend continues, MNT could test the support at $0.81.

On the other hand, if Mantle starts to recover from the recent drop, it could test the resistance at $0.98. If this level is broken, the next target would be $1.08.

A strong uptrend could push MNT to $1.31, representing a potential 41% upside. However, for this bullish scenario to unfold, short-term EMAs would need to cross above long-term ones, signaling renewed buying momentum.