{"id":36740,"date":"2025-02-17T15:30:21","date_gmt":"2025-02-17T12:30:21","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=36740"},"modified":"2025-02-17T14:09:24","modified_gmt":"2025-02-17T11:09:24","slug":"saudi-arabia-memecoin-ksa-turned-out-to-be-fake","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/saudi-arabia-memecoin-ksa-turned-out-to-be-fake\/","title":{"rendered":"Saudi Arabia Memecoin (KSA) Turned Out to Be Fake"},"content":{"rendered":"<p data-start=\"0\" data-end=\"195\"><strong>Scammers<\/strong> impersonating the<strong> Saudi Crown Prince launched a fake KSA<a href=\"https:\/\/coinengineer.net\/blog\/is-the-memecoin-hype-coming-back-the-rise-has-begun\/\"> memecoin<\/a><\/strong>, authorities confirmed the account was hacked.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/saudi-arabia-memecoin-ksa-turned-out-to-be-fake\/#Scammers_Impersonating_the_Saudi_Crown_Prince_Launch_Fake_Memecoin_KSA\" title=\"Scammers Impersonating the Saudi Crown Prince Launch Fake Memecoin KSA\">Scammers Impersonating the Saudi Crown Prince Launch Fake Memecoin KSA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/saudi-arabia-memecoin-ksa-turned-out-to-be-fake\/#Celebrity-Backed_Fake_Tokens_Causing_Investor_Losses\" title=\"Celebrity-Backed Fake Tokens Causing Investor Losses\">Celebrity-Backed Fake Tokens Causing Investor Losses<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"197\" data-end=\"267\"><span class=\"ez-toc-section\" id=\"Scammers_Impersonating_the_Saudi_Crown_Prince_Launch_Fake_Memecoin_KSA\"><\/span>Scammers Impersonating the Saudi Crown Prince Launch Fake Memecoin KSA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"269\" data-end=\"542\"><strong>Scammers<\/strong> impersonating <strong>Saudi Crown Prince Mohammed bin Salman<\/strong> 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.<\/p>\n<p data-start=\"544\" data-end=\"957\"><strong>The &#8220;Official&#8221; Saudi Arabia memecoin (KSA)<\/strong> was announced on February 17 by a fake account named &#8220;SaudiLawConf&#8221; 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.<\/p>\n<h2 data-start=\"959\" data-end=\"1011\"><span class=\"ez-toc-section\" id=\"Celebrity-Backed_Fake_Tokens_Causing_Investor_Losses\"><\/span>Celebrity-Backed Fake Tokens Causing Investor Losses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1013\" data-end=\"1337\">The launch of the token came shortly after the massive loss in value of the <strong>Libra (LIBRA) token<\/strong>, which was endorsed by <strong>Argentine President Javier Milei.<\/strong> Libra lost 94% of its value in just a few hours. Additionally, the <strong>fake Saudi<\/strong> <strong>memecoin<\/strong> failed to attract investor interest, achieving only $7,489 in market capitalization.<\/p>\n<p data-start=\"1339\" data-end=\"1767\">These types of tokens are often launched during periods of heightened investor interest in projects supposedly supported by celebrities or political figures. For example,<strong> US President Donald Trump\u2019s Official Trump (TRUMP) token<\/strong> launched on January 18 and<strong> First Lady Melania Trump\u2019s Melania Meme (MELANIA)<\/strong> token launched on January 19 both gained significant attention. However, these tokens have underperformed the wider market.<\/p>\n<p data-start=\"1769\" data-end=\"2024\" data-is-last-node=\"\">The <strong>Trump<\/strong> token is currently down 76% from its highest point, while the <strong>Melania<\/strong> coin has dropped 90%. Additionally, the <strong>Libra<\/strong> coin endorsed by Milei has also fallen 92%, experiencing a significant crash due to large transactions made from insider wallets.<\/p>\n<hr \/>\n<p data-start=\"1769\" data-end=\"2024\" data-is-last-node=\"\"><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"nofollow noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scammers impersonating the Saudi Crown Prince launched a fake KSA memecoin, authorities confirmed the account was hacked. 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<\/p>\n","protected":false},"author":29,"featured_media":36743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[11790,11792,11791,2931,11789,3310],"class_list":["post-36740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-ksa-memecoin","tag-libra-libra-token","tag-memecoin-scam","tag-saudi-arabia","tag-saudi-crown-prince","tag-trump"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi Arabia Memecoin (KSA) Turned Out to Be Fake - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/saudi-arabia-memecoin-ksa-turned-out-to-be-fake\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia Memecoin (KSA) Turned Out to Be Fake - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Scammers impersonating the Saudi Crown Prince launched a fake KSA memecoin, authorities confirmed the account was hacked. 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