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The Coin Rise 2025-02-17 13:10:28

Scammers Launch Fake Saudi Arabia Memecoin, Exploiting Political Token Trend

Scammers Launch Fake Saudi Arabia Memecoin, Exploiting Political Token Trend

A group of scammers impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman has launched a fraudulent cryptocurrency, taking advantage of the growing trend of celebrity and politically backed memecoins. The fake token, named the “Official” Saudi Arabia memecoin (KSA), was promoted via a hacked X account, luring unsuspecting investors into a deceptive scheme. The scam was first publicized on Feb. 17 through the X account “SaudiLawConf,” which falsely claimed to represent the crown prince. However, it quickly became apparent that the account had been compromised. The real owners, the Saudi Law Conference, later confirmed via LinkedIn that their X account had been hijacked , and they disavowed any connection to the token. One of the most glaring red flags was the complete absence of official government communication regarding the token. Additionally, the project failed to provide any details about its tokenomics, underlying utility, or governance structure, raising immediate suspicions. Political Memecoins A Hotbed for Investor Losses? The fake KSA token’s launch comes amid a growing wave of politically associated memecoins, many of which have resulted in massive investor losses. Just days prior, the Javier Milei-endorsed Libra (LIBRA) token collapsed by over 94% within hours after insider wallets dumped $107 million worth of liquidity. Similarly, retail investors have been drawn to memecoins linked to U.S. political figures, such as the Official Trump (TRUMP) and Melania Meme (MELANIA) tokens, which were launched in mid-January. Despite initial hype, these tokens have performed poorly. TRUMP is currently down over 76% from its all-time high, while MELANIA has lost over 90% of its peak value. The failed Saudi Arabia memecoin, launched on the Solana-based memecoin launchpad Pump.fun, amassed a market capitalization of only $7,489, reflecting investors’ growing skepticism toward political memecoins following multiple high-profile rug pulls. Due Diligence Is Critical as Memecoin Scams Rise With the proliferation of political and celebrity-backed memecoins, blockchain experts warn that investors must exercise caution. Anndy Lian, a blockchain advisor and author, emphasized the importance of verifying a project’s legitimacy before investing. Lian stressed that projects without transparent leadership or clear tokenomics should be seen as red flags. He advised investors to conduct proper due diligence and not be swayed by catchy branding or unverified claims of official endorsements. The post Scammers Launch Fake Saudi Arabia Memecoin, Exploiting Political Token Trend appeared first on TheCoinrise.com .

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