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CryptoIntelligence 2025-02-17 13:22:00

Millions Rugpulled as Saudi Crown Prince Impersonators Launch Scam Memecoin

Millions Rugpulled as Saudi Crown Prince Impersonators Launch Scam Memecoin

Scammers impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman have launched a fraudulent cryptocurrency, capitalizing on the growing hype surrounding celebrity-backed memecoins. The so-called “Official” Saudi Arabia memecoin (KSA) emerged on February 17, promoted through a fake X (formerly Twitter) account, “SaudiLawConf.” Red Flags and Impersonation Tactics The first warning sign was the absence of any official government announcement or details regarding the token’s purpose and structure. The Saudi Law Conference, the legitimate entity behind the hacked X account, confirmed the breach via a February 17 LinkedIn post. “The conference management announces that the official conference account in 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 post stated. Growing Trend of Political Figure Memecoins This scam follows the rapid collapse of another high-profile political memecoin. On February 15, reports surfaced that the LIBRA token, linked to Argentine President Javier Milei, lost over 94% of its value within hours. Insiders allegedly cashed out $107 million in liquidity, leading to a sharp price drop. Investor Losses and Market Impact Another key indicator of fraud was the early creation of the token contract. On February 10, a week before its public announcement, the KSA token was deployed on the Solana-based memecoin launchpad Pump.fun. Despite the fraudulent marketing efforts, the scam token struggled to attract investors, reaching only $7,489 in market capitalization. This incident adds to the growing concern over the risks associated with politically-linked memecoins, which continue to cause substantial financial losses for unsuspecting investors.

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