Scammers launched a fake coin called Crown Prince Mohammed bin Salman of Saudi Arabia.
Fake Saudi Arabia coin, named “official” Saudi Arabia Memcoin (KSA) Announced On 17 February. The announcement came from an X account called “Saudilvakonf”, which incorrectly presented themselves associated with the Crown Prince. Real owner of account, Saudi Law Conference, later Confirmed That his X account was hacked.
Scammers often use public data identification, promoting fraud -dominated crypto projects, which misuse public belief in famous individuals. Elon Musk and Donald Trump have been targeted in similar scams earlier, where fraudsters promoted fake crypto gives.
While replicating famous individuals, these coins display large, red flags that cannot notice inexperienced investors. Fake Saudi Arabia Memcoin displayed several red flags. For one, the declaration lacked details about the intended use of tokens or coins and lack of any official government statements supporting the project.
Another low-taste red flag was that the token contract was on-chain a week before the announcement. The launch took place on 10 February through the Solana-based Memcoin platform pump. The fraud failed to obtain traction, according to its market capitalization, only $ 7,489 reached, according to this Pump.,
