Scammers have exploited the growing trend of celebrity-backed cryptocurrencies by launching a fraudulent meme coin titled "KSA," impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman.
Scammers have exploited the growing trend of celebrity-backed cryptocurrencies by launching a fraudulent meme coin titled "KSA," impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman. The token was announced on Feb. 17 via a hacked account, “SaudiLawConf,” which falsely claimed to represent the crown prince.
Shortly after the token's launch, the legitimate owners of the X account, linked to the Saudi Law Conference, confirmed that their account had been compromised.
In a LinkedIn post, they stated, “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 KSA meme coin raises multiple red flags, including the absence of official government communication and a lack of information regarding its tokenomics and utility. Despite the retail frenzy surrounding celebrity-endorsed tokens, the scam coin has attracted minimal investor interest, amassing only $7,489 in market capitalization since its release.
This incident follows the recent turmoil surrounding the Libra (LIBRA) token, endorsed by Argentine President Javier Milei, which plummeted over 94% in value shortly after its launch.
Analysts have advised potential investors to exercise caution and conduct thorough due diligence before investing in new projects. Anndy Lian, a blockchain expert, emphasized the importance of transparency, stating, “Check who’s behind the project. If the team is all mysterious or you can’t dig up any real info on them, that’s a red flag.”
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
