Fraudulent Social Media Account Impersonates Moroccan Prime Minister in Crypto Scam

The Office of the Head of Government in Morocco warned against a fraudulent account impersonating Prime Minister Aziz Akhannouch, promoting a fictitious cryptocurrency. This incident follows a similar fraud case reported by Bank Al-Maghrib. Despite regulatory challenges, Morocco has seen significant growth in cryptocurrency adoption, with plans for a regulatory framework by the end of 2024.

On Wednesday, the Office of the Head of Government in Morocco issued a warning regarding a fraudulent account on X (formerly Twitter) impersonating Prime Minister Aziz Akhannouch. This deceitful account has been promoting a fictional Moroccan cryptocurrency, leading officials to alert the public about potential scams. They confirmed that the only legitimate account for the Head of Government’s activities is @ChefGov_ma.

The warning arrived just a day after Bank Al-Maghrib (BAM) reported a similar case of fraud. BAM disclosed that scammers had generated fake media content that misused the bank’s identity and the image of its Governor, reportedly employing artificial intelligence techniques. This fraudulent material pushed a false investment platform promising guaranteed returns.

In light of these incidents, both the Head of Government’s office and BAM swiftly alerted the public to safeguard their communications. Akhannouch’s office encouraged citizens and social media users to remain vigilant against counterfeit accounts and rely solely on information from official sources. Simultaneously, BAM asserted its right to pursue legal measures to defend its identity and rights against the fraudulent actions.

These two incidents underscore a growing trend of sophisticated digital fraud attempts aimed at Moroccan government entities. Regarding cryptocurrency, Morocco’s journey has experienced significant developments. In 2017, the government enforced a complete ban on cryptocurrency transactions, citing concerns over money laundering.

Despite this ban, by 2019, approximately 3.5 million Moroccans had invested in various digital currencies, marking an uptick in crypto adoption. As of 2023, Morocco ranked as the 13th highest Bitcoin-using nation, according to analysis by Insider Monkey. Chainalysis further positioned Morocco 20th on its global crypto index, signifying a notable presence in the digital currency market despite regulatory challenges.

By 2024, it was reported that the number of Moroccan cryptocurrency holders had reached 6 million, or about 16% of the population. BAM Governor Abdellatif Jouahri also announced intentions to introduce a comprehensive regulatory framework by the end of the year, indicating a potential shift towards formal recognition of cryptocurrency activities in Morocco.

In summary, Morocco is grappling with fraudulent digital impersonations targeting its government officials, emphasizing the need for public vigilance. The country has also witnessed a notable evolution in its cryptocurrency landscape, transitioning from a strict ban to increased adoption, with millions of citizens engaging in digital currencies. As authorities seek regulatory balance, the current climate highlights both the risks and opportunities presented by cryptocurrency in Morocco.

Original Source: www.moroccoworldnews.com