Scammers Launch Fake Saudi Memecoin: Investors Beware!
Profiting from the craze for celebrity-backed meme coins, scammers posing as Crown Prince Mohammed bin Salman of Saudi Arabia introduced a fake cryptocurrency. The coin was introduced by scammers posing as Saudi Arabia’s prime minister and crown prince in order to raise money from gullible investors. The phony account “SaudiLawConf,” which poses as the crown prince, was posted on X on February 17th, announcing the Official Saudi Arabia memecoin (KSA).
The first warning sign from the token was the lack of official government correspondence and information on the tokenomics or underlying value of the initiative. According to a LinkedIn post on February 17, shortly after fraudulent coins were introduced, Saudi Law Conference, the original owners of the X account, acknowledged that impersonators had compromised their accounts.
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.
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Fake Saudi Arabia Crypto Launched Amid LIBRA Token Controversy
The fraud token was introduced by scammers mere days following the excitement around Argentina’s Libra (LIBRA) token, which was backed by President Javier Milei, according to a February 15 Cointelegraph report. Insider wallets depleted $107 million in liquidity, causing LIBRA to spike higher and then plummet by more than 94% in a matter of hours. According to author and intergovernmental blockchain specialist Anndy Lian, investors should perform more due diligence regarding a project’s support and tokenomics in order to stay safe in the current wave of memecoin scams.
Don’t just throw your cash at something because it’s got a catchy name or claims to be ‘official.’ Check who’s behind the project. If the team is all mysterious or you can’t dig up any real info on them, that’s a red flag waving right in your face. Transparency is key; if they won’t show their faces, they might just be looking to run with your money,
Lian
The fact that the token contract for the phony Saudi Arabia memecoin was posted on the Solana-based memecoin launchpad Pump.fun on February 10, one week before the announcement, was another major red signal for investors. Nevertheless, according to Pump.fun data, the coin has only accumulated $7,489 in market capitalization since its introduction, failing to draw in investor capital.
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