Key Notes

Key Notes:

Scammers impersonated Saudi Crown Prince Mohammed bin Salman to promote a fake KSA token via a hacked account.No official communication from Saudi government channels supported the KSA token, raising suspicions about its legitimacy.The Saudi Law Conference clarified their X account was compromised and denied any association with the scam.

Scammers have impersonated Saudi Crown Prince Mohammed bin Salman to launch a fake meme coin KSA. The bad actors used a fraudulent account called “SaudiLawConf” to announce the counterfeit “KSA” token on February 17. This account misrepresented the Crown Prince, who is also the prime minister of the country, further misleading people into thinking the cryptocurrency was legitimate.

Unlike government-backed meme coins such as the Central Africa meme coin (CAR), the KSA token has no support, and there was no official communication from legitimate Saudi government channels or other credible sources, raising suspicions about the token. Additionally, the timing of the launch is concerning, as the token contract had been created a week before the announcement, suggesting the entire process was planned by the scammers.

Despite their efforts, the scheme attracted minimal investment, totaling just $7,489. Based on data released by Pump.fun, the token’s market capitalization further depreciated to $5,264. The Saudi Law Conference, the real owner of the account, has now announced on their LinkedIn page that their official X account had been compromised and clarified that any content posted through it, including the scam announcement, did not reflect their views or official stance. They stated:

“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.”

This recent hack mirrors other incidents involving high-profile individuals. Bad actors often exploit the image of top celebrities or political figures to promote fake tokens. In December 2024, bad actors took over musician Drake’s account to promote a fraudulent meme coin, which generated high trading volume before being exposed. Other celebrities, including Cardi B and Doja Cat, have experienced similar security breaches.

According to recent research from Merkle Science, about 33% of cryptocurrency scams involve celebrity accounts, as scammers target them for their widespread influence and the trust they command among followers.

PeckShieldAlert revealed in January that 2024 saw an increase in cryptocurrency-related security incidents. Total losses surpassed $3.01 billion, representing a 15% increase compared to 2023. The craze for celebrity-backed meme coins has surged since the launch of U.S. President Donald Trump’s Official Trump meme coin TRUMP $16.55 24h volatility: 4.6% Market cap: $3.31 B Vol. 24h: $631.91 M on January 18 and First Lady Melania Trump’s Melania meme coin MELANIA $1.27 24h volatility: 2.9% Market cap: $190.68 M Vol. 24h: $32.39 M token on January 19. Central African Republic President Faustin-Archange Touadéra also recently launched a memecoin with the aim of raising the country’s profile.

The demand for such government-backed meme coins has contributed to scammers exploiting traders by creating fake tokens, pumping them, and then dumping them, leaving users at a loss.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor’s and master’s degrees in linguistics. When not writing, he trades forex and plays video games.

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