Scammers posing as Saudi Arabia’s Crown Prince Mohammed bin Salman has launched a fraudulent cryptocurrency, exploiting the growing hype around celebrity-endorsed memecoins.
The deceptive token, branded as the “Official” Saudi Arabia memecoin (KSA), was introduced on February 17 through a now-deleted post on X by an account impersonating the crown prince. The account, “SaudiLawConf,” falsely presented the token as a legitimate initiative to lure unsuspecting investors.
However, multiple red flags quickly emerged. There was no official announcement from the Saudi government, nor were there any details regarding the token’s purpose, structure, or underlying value. These warning signs raised concerns about the legitimacy of the project.
Shortly after the token’s launch, the real owners of the “SaudiLawConf” X account—the Saudi Law Conference—confirmed their account had been hacked. In a February 17 LinkedIn post, the organization clarified:
“The conference management announces that the official conference account on 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.”
The emergence of this scam follows a similar controversy surrounding the Libra (LIBRA) token, which was falsely linked to Argentine President Javier Milei. The LIBRA token skyrocketed in value before plummeting by over 94% within hours after insiders withdrew $107 million in liquidity, leaving investors with massive losses, according to data from Dex Screener.
Meanwhile, Prominent Saudi economist Ihsan Buhulaiga urged Gulf Cooperation Council (GCC) countries to establish unified cryptocurrency regulations to prevent traders from moving investments to nations with more favourable policies, like the UAE or Bahrain. He noted that while Saudi Arabia has banned cryptocurrencies, the UAE has regulated their use, leading to a fragmented approach in the GCC. Buhulaiga highlighted the need for a shared regulatory framework due to the increasing global adoption of cryptocurrencies and mentioned former U.S. President Donald Trump’s support for crypto as a factor in its growing acceptance.
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