Scammers Impersonating the Saudi Crown Prince Launch Fake Memecoin KSA

Scammers impersonating Saudi Crown Prince Mohammed bin Salman launched a fraudulent cryptocurrency, capitalizing on the high retail interest in celebrity-backed memecoins. These scammers used the impersonation of the Crown Prince to announce the token to deceive investors.

The “Official” Saudi Arabia memecoin (KSA) was announced on February 17 by a fake account named “SaudiLawConf” on the X platform. However, this account actually belonged to the Saudi Arabia Law Conference and was hacked. Shortly after the announcement of the token, the conference management confirmed that the account had been stolen and that the shared content did not represent their official views in any way.

Celebrity-Backed Fake Tokens Causing Investor Losses

The launch of the token came shortly after the massive loss in value of the Libra (LIBRA) token, which was endorsed by Argentine President Javier Milei. Libra lost 94% of its value in just a few hours. Additionally, the fake Saudi memecoin failed to attract investor interest, achieving only $7,489 in market capitalization.

These types of tokens are often launched during periods of heightened investor interest in projects supposedly supported by celebrities or political figures. For example, US President Donald Trump’s Official Trump (TRUMP) token launched on January 18 and First Lady Melania Trump’s Melania Meme (MELANIA) token launched on January 19 both gained significant attention. However, these tokens have underperformed the wider market.

The Trump token is currently down 76% from its highest point, while the Melania coin has dropped 90%. Additionally, the Libra coin endorsed by Milei has also fallen 92%, experiencing a significant crash due to large transactions made from insider wallets.

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The post Saudi Arabia Memecoin (KSA) Turned Out to Be Fake appeared first on Coin Engineer.

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Of course, there is positive news behind this rapid rise. Today, the Hedera Hashgraph (HBAR) team announced the launch of the DeepTech Venture Studio project to be established in Saudi Arabia.

This project is an important step for Saudi Arabia to diversify its revenue sources away from oil. The $250 million studio project also plans to develop in areas such as artificial intelligence (AI) and quantum technology.

As part of a five-year agreement valued at $250m with the Saudi Ministry of Investment (@MISA), @The_Hashgraph Association has announced the launch of the DeepTech Venture Studio – empowering companies to develop innovative technological solutions. #web3https://t.co/wnqA9H4rm4 https://t.co/Yi6EJWqEh6

— Hedera (@hedera) February 6, 2024

As known, Hedera has partnerships with companies such as Google, IBM, ServiceNow, and LG. This also puts the project and its altcoin in an important place in the crypto market. In addition, global asset manager Abrdn is using the Hedera platform to develop tokenized solutions.

Other Developments Affecting Hedera (HBAR) Altcoin Rise

• Hitachi company joined the Hedera Hashgraph (HBAR) Governing Council.
• An agreement was made with Australian Payments Plus (AP+). (Australian Payments Plus is a payment company with connections to over 150 banks.)

The post This Altcoin ‘s Price Soared: It Moved Against the Market Trend! appeared first on Coin Engineer.

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US House Speaker: Bitcoin ETF Approvals Are a Historic Turning Point

Phoenix Group, the rising star of Bitcoin mining in recent times, signed an important agreement with Bitmain, the device manufacturer. The agreement included a purchase of $187 million worth of devices.

So What About Cooling?

Only the purchases were mentioned and no information was shared about the brand or how the devices were. It is known that the company uses devices that are powered by water immersion and attaches importance to renewable energy.

Phoenix company had reached an agreement in recent months to establish a $300 million Bitcoin mining farm in Saudi Arabia and Oman.

Phoenix Group, which closely follows blockchain technologies and takes various steps in this regard, also made its company shares public in December. It was stated that there was 33 times more demand for the company’s shares, which started trading on the Abu Dhabi Stock Exchange at that time, than expected.

Cleanspark, a Bitcoin mining company based in the United States, recently made an agreement with Bitmain for $90 million and also reached a preliminary agreement for a future purchase of $100 million.

The post Bitcoin Mining Doesn’t Stop: $187 Million Device Purchase appeared first on Coin Engineer.

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The collection will be released in two phases, with the first phase going on sale this weekend. The initial distribution will feature 100 digital collectibles, including the rarest collectibles that offer the chance to guarantee a ticket to the 2026 FIFA World Cup final.

A total of 900 more digital collectibles will be released on the Polygon network and made available on the OpenSea platform.

FIFA’s NFTs were originally minted on Algorand, but the organization is now planning to move to Polygon for the second phase of this collection. Polygon is a blockchain that is popular among Web3 gaming projects. The announcement also stated that Polygon will be used in future FIFA digital collection launches.

When FIFA first announced “FIFA+ Collect” last year, it was said to offer “football fans around the world the chance to own unique digital collectibles at an affordable price.”

The launch of the collection comes as the NFT market is in decline. FIFA Club World Cup 2023 is set to begin in Saudi Arabia tomorrow.

While NFT trading volumes have been rising in recent months, levels are still well below millions of dollars for some of the non-fungible tokens from PFPs from top collections such as Bored Ape Yacht Club. However, major brands have continued to pursue opportunities to serve and monetize super fans with their digital collection initiatives.

Modex took over (FIFA)

FIFA also announced that Modex will be taking over the “strategic management” of the digital collection platform, which has already dropped several football-branded collections.

Modex CEO Francesco Abbate said in a statement, “Digital collectibles are increasing the ways fans can interact with their favorite players, teams, and the game they love, and we are honored to support FIFA in achieving this goal.”

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