Impersonation Heist—How Scammers Swindled $1.48M from Tanzanian Billionaire’s Followers

The Cyber Attack: What Really Happened

On the morning of February 5, 2025, followers of Mohammed Dewji were stunned to see his X account promoting a new cryptocurrency token, TANZANIA. The deception was meticulously planned—at the heart of the scam was a ten-second deepfake video. In it, an AI-generated version of Dewji appeared to be sitting in his office, holding a paper with “$Tanzania” printed on it, as if personally backing the project.

In reality, Dewji had no involvement. He attempted to issue an urgent warning, but by the time his followers saw the correction, the scammers had already executed their con. Even after his team reported the hack and removed some fake posts, the fraudulent campaign continued spreading across the platform.

To buy themselves more time, the scammers locked down the account, disabling comments and cutting off the crypto twitter Tanzania community from alerting others about the ongoing fraud. Any chance of spreading the truth was blocked.

Then came the next move—a second deepfake video, more convincing than the first. This time, the AI-generated Dewji reassured his followers that his account was not hacked, throwing victims into further confusion and strengthening the con.

If you think spotting a deepfake is easy, take a look at the stunning AI-generated images in our special feature—you might be surprised.

The Pump, the Dump, and $1.48 Million Gone

According to blockchain analysts at Lookonchain, this scam followed a well-worn Pump-and-Dump playbook. First, the fraudsters injected 90 SOL ($18,000) into 20 separate wallets, simulating investor interest. The illusion of demand fueled the rush. They then acquired 793 million TANZANIA tokens, seizing control of nearly 80% of the total supply.

Discover more: Why Pump-and-Dump Schemes Are Stalling Crypto Adoption

Then, they struck. As soon as the hype hit its peak, they dumped every last token, pocketing 7,373 SOL ($1.48 million) in minutes while crashing the market. Within hours, they had erased every digital footprint—wiping all scam-related tweets from Dewji’s hacked account and disappearing into the shadows of crypto twitter Tanzania.

Mohammed Dewji Speaks Out—A Warning to Crypto Twitter Tanzania

Mohammed Dewji has officially addressed the recent hacking incident, apologizing and cautioning users against cyber threats.

I urge everyone to stay vigilant and make cybersecurity a priority. Be cautious of phishing attempts and always verify the legitimacy of messages,

he stated.

He also took a moment to thank his followers for their patience, emphasizing that protecting their security remains his highest priority.

Déjà Vu: From Bolsonaro to Dewji—The Crypto Scam Playbook

Crypto Twitter has become a goldmine for scammers, and Mohammed Dewji’s case is only the latest. Just two weeks earlier, former Brazilian president Jair Bolsonaro found himself at the center of a nearly identical scheme.

Hackers seized his X account, pushing a fraudulent token called BRAZIL. Within minutes, its value skyrocketed by 10,000%—only for the scammers to rug-pull investors, pocketing $1.3 million before disappearing.

What makes Bolsonaro’s case even stranger? He had zero involvement with crypto, yet he was still targeted. His massive following and the blind faith many retail investors place in public figures made him an easy mark.

Like with Dewji, scammers used a well-known personality to fabricate trust and manipulate the market, proving once again that name recognition is a powerful tool in the wrong hands.

Same Hackers, New Scam? The Blockchain Says Yes

Blockchain sleuth ZachXBT has spotted a pattern—on-chain data suggests that the fraudsters behind TANZANIA, BRAZIL, and even a fake Michael Jordan crypto project are likely the same group.

They’ve got their scam down to a science: take over a celebrity’s social media, launch a token, let FOMO do its thing, and pull the rug just as investors pile in. The result? Millions lost in a matter of hours.

The secret to their success? Trust. They don’t need deepfake perfection or elaborate videos—just a famous name and enough believability to get people rushing to buy before asking questions. By the time reality hits, the hackers are long gone.

Are you buying out of excitement or selling out of fear? Understanding these emotional triggers is key to smarter trading. Find out how to avoid the FOMO/FUD trap in our guide!

Dewji’s deepfake wasn’t perfect—sharp-eyed viewers might have noticed something was off. But for many investors, it looked real enough to trust, and that’s all scammers need.

AI Is Powering the Next Wave of Financial Fraud

Generative AI is fueling an explosion in cybercrime, making scams cheaper and harder to detect. According to Deloitte’s Financial Services Center, AI-driven fraud losses in the U.S. are projected to surge from $12.3 billion in 2023 to $40 billion by 2027, an annual growth rate of 32%.

Scammers are using deepfake videos, AI-generated voice manipulation, and counterfeit documents to swindle investors. What once required expensive software and specialized skills is now accessible for just $20 on the dark web.

Generative AI isn’t just getting smarter—it’s outpacing fraud detection systems at breakneck speed. Deloitte experts warn that as these tools gain power, they are sidestepping security measures more efficiently, heightening financial risks across the board.

Discover how a simple family password can help protect you from scams in our deepfake security guide.

How Crypto Twitter Tanzania Became a Scammer’s Goldmine

As cryptocurrency adoption accelerates in Tanzania, so does the interest of scammers preying on eager investors. Many locals entering the market are driven by the promise of high returns, yet lack the experience to identify deceptive schemes.

With Crypto Twitter serving as the de facto news source for emerging projects, it has also become a prime hunting ground for fraudsters. The absence of robust security mechanisms means that investors relying on social media risk falling into well-orchestrated traps.

Elon Musk’s takeover of X in 2022 marked a shift in content moderation, with looser controls allowing scams to thrive. Deepfake crypto schemes, phishing attempts, and fraudulent accounts have exploded, with criminals even using Musk’s image to add legitimacy to their scams.

Public figures like Mohammed Dewji and Jair Bolsonaro are now prime targets in this landscape. Their influence provides scammers with a shortcut to credibility, making it easier to manipulate market sentiment.

Want to know how Rug Pull scams work? Read our breakdown of the biggest fraud tactics!

Who Is Mohammed Dewji? Meet Africa’s Youngest Billionaire

If you’re talking about business success in Africa, Mohammed “Mo” Dewji’s name is bound to come up. With a net worth of $1.8 billion as of October 2024, he holds the title of Africa’s youngest billionaire and ranks 17th among the richest people on the continent.

His success story starts with MeTL (Mohammed Enterprises Tanzania Limited)—a company built by his grandmother and later expanded by his father. Dewji entered the business, worked his way up to CFO, and eventually took full control.

But his biggest moves came in the early 2000s, when Tanzania began privatizing its industries. Dewji stepped in, bought failing state-owned businesses, and turned them into profitable ventures. Under his leadership, MeTL’s revenue exploded from $30 million in 1999 to $1.5 billion by 2018—a testament to his sharp business instincts.

With operations in 11 countries, MeTL Group is a key player in manufacturing, agriculture, finance, telecom, real estate, insurance, and logistics. Employing over 28,000 people, the conglomerate generates 3.5% of Tanzania’s GDP, solidifying its economic impact.

In 2013, Mohammed Dewji became the first Tanzanian to land on the cover of Forbes. A decade later, he remains at the forefront of African business, shaping policies and driving change.

What do Forbes’ “30 Under 30” and Ethereum’s blockchain have in common? Explore the surprising connection in our feature.

How to Stay Safe from Crypto Scams

The recent breach of Mohammed Dewji’s X account and the rising wave of fraud targeting сrypto twitter tanzania highlight an urgent need for investor vigilance.

Looks like cybersecurity should be my next investment,

Dewji told Forbes following the incident.

The best way to avoid falling victim? Stick to these simple but crucial guidelines:

• Verify before you invest. A celebrity’s endorsement doesn’t equal credibility. Always check multiple independent sources before making a decision.
• Be skeptical of video content. Deepfakes are getting better, but they still have telltale flaws—unnatural pauses, robotic speech, and awkward lip movements can expose them.
• Watch the blockchain for red flags. Platforms like Lookonchain and reports from ZachXBT can help spot suspicious transactions before a Rug Pull wipes out investors.
• Take a step back before investing. Scammers love using FOMO to rush people into bad decisions. If a project is legit, it’ll still be there tomorrow—do your research.
• Stick to exchanges you trust. Buying crypto from well-known platforms reduces your chances of getting scammed. Never send funds to a contract address you haven’t verified.

Think AI deepfakes are easy to spot? Learn how AI-generated scams are fooling even experienced investors through our latest article.

TANZANIA Scam and Crypto Twitter: The Scammers Are Still Winning  

The TANZANIA scam token is a chilling reminder of how quickly crypto fraud is advancing. With deepfake technology becoming more refined and social media security failing to keep up, scammers are seizing every opportunity to launch bigger, bolder schemes.

The hacking of Mohammed Dewji’s account, coming so soon after the Bolsonaro attack, signals a dangerous trend. Strengthening cybersecurity is no longer optional—it’s essential for both high-profile figures and everyday investors.

With crypto adoption surging in Tanzania and globally, skepticism is more important than ever. Crypto Twitter remains a double-edged sword—offering opportunities while also serving as a breeding ground for scams.

Fraudsters have already cashed in on TANZANIA, but let’s be real—this won’t be the last scheme of its kind.

Smart investors stay level-headed, verify everything, and keep in mind: in crypto, what looks valuable often isn’t. Or, as grandma used to say, not all that glitters is gold.