A cryptocurrency scam has been spreading on social media through a fraudulent account created under the name of President Dr. Mohamed Muizzu. The account, using his name and photo, falsely claims that the Maldives has launched its own cryptocurrency as part of a major step toward advancing "digital culture."

The scam has gained traction, with posts from the fake account widely shared. Screenshots show the account displaying a "grey verification" badge, which X assigns to state officials, making the deception more convincing.

An account named "TheNewsCrypto" flagged the posts as a scam, clarifying that the Maldives has not introduced any cryptocurrency token. It also urged users to exercise caution and tagged President Muizzu’s official account to counter the misinformation.

As of now, the government has not issued an official statement regarding the matter.