A group faked Saudi Arabia’s Crown Prince Mohammed bin Salman to launch a fake cryptocurrency project because many investors now search for tokens endorsed by famous people. A social media account was hacked to commit the fraudulent actions according to official sources.
There are two scammers pretending to be connected to Saudi Arabia’s ruling officials who made a fraudulent coin to trick investors. On February 17 the so-called Official Saudi Arabia memecoin (KSA) appeared on X through SaudiLawConf before regulators found this account impersonating the Saudi royal family.
Memecoin Scam Follows Market Trends
Business owners should have recognized the alarm signs because the Saudi government issued no announcement about the token and nobody explained its inner workings. The Saudi Law Conference confirmed on Feb. 17 that their X account had been hijacked and allowed scammers to launch the fake token.
“The conference management announces that the official conference account in the X platform (@Saudilawconf) has been hacked and that any content currently published through the account does not represent our opinions or official orientations in any way.”
The Saudi memecoin scam occurred as part of a market pattern that saw Libra (LIBRA) plummet after President Javier Milei’s alleged backing failed to materialize. Based on reports from February 15 LIBRA dropped 94 percent of its value very fast and the token holders withdrew $107 million from their personal wallets.
A more detailed analysis showed that the fraudulent Saudi memecoin emerged on February 10 through the Solana-based Pump.fun exchange. Despite its early release the token did not attract much investment attention and reached only $7,489 according to Pump.fun stats on capitalization.
Investors are now more drawn to memecoins when they tie to well-known politicians or celebrities. Donald Trump launched his official TRUMP memecoin first on January 18 before his wife Melania introduced MELANIA tokes the following day. The market shows both assets lost substantial value since their peak.
TRUMP dropped 76% in price and MELANIA decreased by 90% as revealed by TradingView tracking information. The Libra token dropped 92% in value after Libra’s promotion of the token sent prices soaring on February 15 before the market crash.
Investors now must exercise caution due to the sharp increase in investment fraud and risk. Financial experts and government regulators recommend looking at all memecoin details before investment to protect yourself from dishonest market players.
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