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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