The fake token was created on the Pump.Fun platform, a “memecoin factory” on the Solana network. The hackers tried to sell BRAZIL by appealing to the patriotic feelings of Brazilians, similar to Donald Trump’s appeal to US citizens.
“The time has come to glorify our country like never before! I am launching the digital currency BRAZIL, which symbolizes the pride, freedom and strength of the Brazilian people,” the scammers wrote on behalf of Bolsonaro.
To make the message more credible, the hackers attached a photo of Bolsonaro shaking hands with Trump during a G20 meeting when they were both presidents.
Bolsonaro soon regained access to his account and the fraudulent post was deleted. However, the fake BRAZIL token managed to grow by 10,000% in a matter of minutes, and the attackers collected more than 1.3 million Brazilian reais ($220,000) from gullible users.
Previously, the Central Bank of Brazil introduced an initiative prohibiting transfers of USDT stablecoins and similar assets to non-custodial wallets such as MetaMask.
Source: Bits

I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.