Outside Source
Scammers impersonating Saudi Arabia’s crown prince launched a fake KSA memecoin, exploiting investor enthusiasm for celebrity-backed tokens. Officials have confirmed the account was hacked.
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Scammers impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman launched a fraudulent cryptocurrency, capitalizing on the retail frenzy around celebrity-backed memecoins.
Scammers impersonating the crown prince, who is also the prime minister of Saudi Arabia, launched the token to attract capital from unsuspecting investors.
The “Official” Saudi Arabia memecoin (KSA) was launched on Feb. 17, according to an X post by the account “SaudiLawConf,” a fake account impersonating the crown prince.
Source: SaudiLawConf
The first red flag from the token was the absence of any official government communication and a lack of details on the project’s tokenomics or underlying utility.
Shortly after the scam coin was launched, the original owners of the X account, the Saudi Law Conference, confirmed that their X account was hacked by impersonators, according to a Feb. 17 LinkedIn post, which 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.”
Source: Saudi Law Conference
The scam token’s launch came days after the rapid rise and fall of Argentine President Javier Milei-endorsed Libra (LIBRA) token, which lost over 94% of its value within hours after insider wallets cashed out $107 million worth of liquidity from the token, Contelegraph reported on Feb. 15.
This is a developing story, and further information will be added as it becomes available.
Related: Analysts predict delayed altcoin season amid lack of retail traders
This article first appeared at Cointelegraph.com News
