Crypto Scam: Saudi Prince Impersonator Promotes Fake Meme Coin

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.

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.

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.