Crypto Scam: Saudi Prince X Account Likely Compromised to Promote Meme Coin

Highlights

Saudi Prince’s X account has likely been hacked to promote a fake meme coin.
Scammers impersonated the Saudi Prince via a fake account SaudiLawConf.
The Saudi crypto scam followed the launch of Argentina’s controversial Libra token.

In a recent development, scammers launched a fraudulent meme coin impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman. Via a fake account “SaudiLawConf,” the illegal actors promoted the official Saudi Arabia Meme Coin. However, soon after the launch of the scam token, the Saudi Law Conference revealed that their X account was hacked, alerting against the possible crypto scam.

Saudi Crypto Scam Revealed: Fake Meme Coin Launched

On February 17, a fake X account dubbed SaudiLawConf falsely announced the launch of the Official Saudi Arabia meme coin in a post that no longer exists. The scammers promoted the scam meme coin impersonating the Saudi Arabian Prince Mohammed bin Salman. Posing as Saudi Arabia’s Crown Prince, who is also the country’s Prime Minister, the fraudsters introduced the meme token to lure investors into crypto scams.

Crypto Scam: Saudi Prince X Account Likely Compromised to Promote Meme Coin — Source: X

However, acknowledging the Saudi crypto scam, the Saudi Law Conference shared an official post on LinkedIn. The conference revealed that the X account was hacked by impersonators. The LinkedIn post is translated as,

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.

Mixed Sentiments Greet Fake Saudi Meme Coin Launch

The announcement of the Official Saudi Arabia Meme Coin has sparked a divided response from the community. While some expected the token to revolutionize the meme coin market, others harbored crypto scam suspicions. The launch was also met with ambiguity and anxiety, coming on the heels of Argentina’s Libra token introduction.

However, crypto sleuth PeckShieldAlert sounded the alarm on the suspicious KSA meme coin launch. The investigator raised concerns about the announcement’s legitimacy, suggesting the Saudi Prince’s account may have been compromised.

#PeckShieldAlert Our community member has reported that the @SaudiLawConf account appears to be hacked and is promoting #meme pic.twitter.com/UmC3vNtQIT

— PeckShieldAlert (@PeckShieldAlert) February 17, 2025

Another prominent voice, TradeDucky, alerted the community to stay cautious about the possible crypto scam. They added, “Hackers might have compromised the Twitter account of a Saudi Arabian prince to promote a fake “official national memecoin” scam.

Suspicions of a possible crypto scam arose mainly due to the absence of any official government communication and a lack of tokenomics details.

Celebrity Crypto Scams Increase: Details

Saudi crypto scam comes following the launch of the controversial launch of Libra, a token that hit record highs only to collapse soon. The token initially skyrocketed by 3000% to an ATH at $4.5, triggered by Argentinian President Javier Milei’s promotion. However, the token crashed and the team pulled $87M worth of LIBRA, leaving investors with significant losses.

Another concern for investors was the fake Saudi token contract’s early launch on February 10 via Pump.fun. Fortunately, the token garnered minimal interest, resulting in a market capitalization of just $7,489.

In addition, the CAR meme coin, endorsed by Central African Republic President Archange Touadéra also faced crypto scam allegations. Following its initial surge, the token’s value nosedived by more than 70% as the community became suspicious of a rug pull due to unclear tokenomics and lack of transparency.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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