Scammers posing as Saudi Arabia’s Crown Prince Mohammed bin Salman launched a fraudulent memecoin, exploiting the growing interest in celebrity-endorsed cryptocurrencies. Authorities later confirmed that the account used for promotion had been compromised.
The scammers introduced the so-called “Official” Saudi Arabia memecoin (KSA) on February 17 through an X account named “SaudiLawConf,” which falsely claimed to represent the crown prince.
A major red flag was the lack of any official government announcements or transparency regarding the token’s economic model and purpose.
Shortly after the token’s launch, the original administrators of the “SaudiLawConf” account, which belongs to the Saudi Law Conference, confirmed in a February 17 LinkedIn post that their X account had been hacked. They clarified:
“The conference management has announced that the official conference account on X (@Saudilawconf) has been hacked, and the stuff now uploaded does not reflect our views or official stance in any way.”
