World Leaders in Memecoin Mayhem: A Cosmic Comedy of Errors

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In a universe where logic often takes a backseat to absurdity, the launch of Donald Trump’s memecoin, TRUMP, on January 18th, set off a chain reaction of chaos that would make even the most seasoned intergalactic traveler raise an eyebrow. Since then, at least five world leaders have found themselves tangled in the web of fake or fumbled token launches — a feat that would be impressive if it weren’t so hilariously disastrous.

Take, for instance, Argentine President Javier Milei and his ill-fated LIBRA token. According to Nansen, over 13,000 investors lost a combined $251 million, while a mere 2,101 lucky souls managed to pocket $180 million. It’s almost as if the universe decided to play a cruel joke on humanity, and Milei was the unwitting punchline.

Scammers, ever the opportunists, have been quick to capitalize on the memecoin craze, using the likenesses of world leaders from Saudi Arabia to Malaysia. It’s a veritable who’s who of global politics, all wrapped up in a digital dumpster fire.

Here’s a rundown of some of the most absurd memecoin scandals since TRUMP.

Feb. 10 — The Central African Republic’s Token Tango

In what can only be described as a masterclass in confusion, the president of the Central African Republic, Faustin-Archange Touadéra, launched a national token, CAR, on February 10th. The launch was so clumsy that it left everyone scratching their heads, wondering if it was a genuine effort or an elaborate prank.

Touadéra’s verified X account initially promoted the memecoin, but soon after, the project’s website went dark, and its X account was suspended. In a move that defied all logic, Touadéra launched a new website and X account after hours of silence, further fueling doubts about the token’s authenticity. A video posted by his account raised red flags when run through deepfake detection tools, though a later video did not.

Investors were left in a state of bewilderment, and CAR’s market capitalization plummeted from $600 million to nearly $0 in just two days. It’s a cautionary tale of what happens when ambition outpaces competence.

Feb. 14 — “Libragate” and Argentina’s Javier Milei

The LIBRA token is perhaps the most infamous example of a world leader’s involvement in a memecoin scandal since TRUMP. According to Nansen, 86% of traders lost over $1,000 by investing in a token promoted by Argentina’s president, Javier Milei — a staggering $251 million in total losses.

Milei initially posted enthusiastically about LIBRA on February 14th, claiming it was intended to “fund small Argentine businesses and startups.” His now-deleted post, along with those of multiple Argentine politicians, gave the memecoin credibility. However, LIBRA’s value quickly crashed, and Milei later claimed he “was not aware of the details of the project.”

Conflicting narratives soon emerged, with allegations that Milei was involved in the project from its inception. These accusations are ongoing, and Milei now faces potential impeachment and fraud charges. It’s a saga that would make even the most cynical observer cringe.

Feb. 15 — Bermuda’s Premier and the Fake BERMUDA Coin

The premier of Bermuda, David Burt, found himself the victim of a bizarre impersonation scam on X. A fake account using his likeness, complete with a gray verification badge (usually reserved for government officials), began promoting a Pump.fun token called “Bermuda National Coin” on February 15th.

Burt’s real account, which hasn’t even received the gray badge, became aware of the impersonation the day prior. He tagged X and its owner, Elon Musk, in a post, urging them to fix the situation. “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,” the post read.

Despite the delay in action from X, the BERMUDA Pump.fun token never attracted many investors. Trade history shows only two purchasers, both of whom sold within minutes, including the memecoin’s creator. It’s a testament to the power of skepticism in the face of absurdity.

Feb. 17 — Saudi Arabia’s Prime Minister Impersonated for Fake National Memecoin

The X account of the annual Saudi Law Conference was hacked by scammers and altered to impersonate Saudi Arabia’s prime minister, Crown Prince Mohammed bin Salman, in order to promote the “Official” Saudi Arabia memecoin, KSA.

KSA was promoted under the guise of the Crown Prince on February 17th, riding the wave of Milei’s LIBRA. However, it wasn’t difficult to suspect a scam, given that KSA wasn’t promoted on official government channels, nor did the project share proper backing and tokenomics. More glaring, of course, was the fact that KSA was launched on Pump.fun by a random developer with two followers.

KSA failed to gain much traction, only amassing a market cap of $7,489 before the public caught on. It’s a reminder that even in the world of memecoins, credibility matters.

Is the Memecoin Frenzy Finally Fizzling Out?

In addition to Touadéra, Milei, Burt, and bin Salman, Malaysia’s longest-serving prime minister, Mahathir Mohamad, was also embroiled in a crypto scam on X. His account was momentarily hacked on February 5th to promote a MALAYSIA token on Pump.fun.

And just one day after the launch of TRUMP, the government of Cuba’s X account was hacked to promote CUBA. This marks at least five examples of world leaders involved in memecoin drama since the US president joined the trend. But countless celebrities — including Breaking Bad star Dean Norris — have fallen into similar trouble.

The silver lining? Scammers can’t ride TRUMP’s coattails forever. According to Solscan, the memecoin frenzy is slowing down. Whether it’ll see a resurgence is another matter, but at least for now, it appears fatigue is setting in. And perhaps, just perhaps, the universe will return to its usual state of controlled chaos.

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2025-02-24 19:41