Scammers Pose as the Prince to Launch Fake Saudi Crypto Coin

Scammers have launched a counterfeit Saudi crypto coin dubbed the “Official Saudi Arabia meme coin (KSA)” by masquerading as Crown Prince Mohammed bin Salman, capitalizing on the surge in celebrity-endorsed meme coins.

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On February 17, a now-deleted post from an X account impersonating the crown prince featured the counterfeit Saudi crypto coin. The absence of any official endorsement or verified details on its design and real-world application quickly raised red flags.

Soon after the bogus token was unveiled, representatives from the Saudi Law Conference — the verified owners of the affected X account — announced that their account had been compromised by unauthorized access.

The organizers acknowledged the breach in a LinkedIn update, emphasizing that any posts on the fake Saudi crypto coin or anything else from the compromised account did not reflect their official views or positions.

The fraudulent Saudi crypto coin was fraught with warning signs: its launch announcement provided no specifics on tokenomics or intended use, and there were no official government endorsements to support it.

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A further warning emerged when it was discovered that the token’s smart contract went live on the blockchain a full week before its public reveal. The project debuted on February 10 via Pump.fun, a Solana-based platform known for hosting meme coin ventures.

Fake Meme Coin Surplus

The KSA token’s debut comes on the heels of Argentina President Javier Milei’s controversial backing of the $LIBRA token — a project that ultimately collapsed after insiders withdrew $107 million, causing its value to nosedive by over 94%.

President Milei announced the token on X, though the post was later deleted. In his message, he provided a website and contract address, describing the project as a private initiative aimed at boosting Argentina’s economic growth.

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Milei’s office later clarified that the president did not play a role in developing the project. However, they confirmed that he and his administration had met with representatives from KIP Protocol — the team behind the initiative — at the presidential office.

Fraudsters often exploit the reputations of high-profile figures to endorse bogus cryptocurrency schemes, leveraging public trust to lend an air of legitimacy to their scams.

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MICHAELA

Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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