CAR Memecoin Sparks Controversy Amid Deepfake Allegations

Jimmy Aki
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The CAR memecoin has drawn widespread attention after AI detection tools flagged a video featuring the Central African Republic’s President Faustion-Archange Touadera as potentially fake. Despite skepticism, the token hit a peak valuation of $527 million shortly after its launch on February 9.

Deepfake Allegations Surround Launch

The President’s announcement on X on February 9 described the CAR memecoin as an experimental initiative to promote national development and increase the country’s global visibility. The token was launched through Pump.fun, a Solana-based platform, and quickly gained market traction.

However, concerns emerged when AI deepfake detectors flagged the President’s video on the token’s official website as “suspicious.”

One tool suggested an 82% chance that the video was a deepfake. Some community members have speculated that the President’s X account might have been hacked, casting doubt on the legitimacy of the token launch.

Yokai Ryujin, founder of Unrevealed XYZ, voiced concerns about the project’s authenticity. He noted irregularities in the registration of the memecoin’s domain, stating that it “did not look like what a president or country would do,” as it was registered just three days before the launch.

Additional red flags include the suspension of the official X account associated with the CAR memecoin. President Touadera claimed his team was “working with X” to restore the page. Despite this, the token’s website remains operational, even after domain provider Namecheap reportedly suspended the service.

Further doubts arose from the unusual language used in the announcement tweet, which was exclusively in English rather than CAR’s official language, French.

Crypto Dreamer, a community member, remarked, “The language/phraseology used in the tweet is weird…[and] the time is midnight local time. [Wouldn’t] make sense for them to launch at that time.”

CAR’s Cryptocurrency History

This isn’t CAR’s first encounter with digital currencies. In April 2022, the country adopted Bitcoin as legal tender and introduced a regulatory framework for cryptocurrencies. The Sango Coin was later launched to attract foreign investment by offering citizenship to token holders.

However, the Sango Coin project faced criticism, and in March 2023, the country repealed its cryptocurrency legal tender status under pressure from the Economic and Monetary Community of Central Africa.

The launch of the CAR memecoin appears to be the country’s latest attempt to navigate the digital asset space despite previous setbacks.

While the CAR memecoin has achieved significant valuation success, questions about its legitimacy persist. Solscan data reveals that 33.31% of the token supply is held in one wallet, with another 25% held elsewhere.

Notably, the 20% of tokens allocated for liquidity has not yet been added to a liquidity pool, raising concerns about the project’s transparency.

Adding to global concerns about crypto scams, a raid in Lagos, Nigeria, revealed a sophisticated fraud operation involving nearly 800 individuals, including Chinese and Filipino nationals.

According to cybercrime expert Ken Gamble, these organized groups often exploit weaker cybersecurity frameworks in Africa, using advanced technology to scale up operations.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.