Crypto Scammers Use Saudi Prince’s Name to Push Fake Memecoins on X

In a shocking cyberattack, hackers took over the Saudi Law Conference’s official X account, posing as Crown Prince Mohammed bin Salman to promote fraudulent cryptocurrencies.

The hackers used the crown prince’s name and image to promote two fake tokens—“Official Saudi Arabia Memecoin” and “FALCON Memecoin.” They also shared contract addresses, trying to attract investors.

The Red Flags!

A major warning sign was the lack of an official government announcement. There were also no details about the project’s tokenomics or any real use case.

Another suspicious detail was that the fake Saudi Arabia memecoin’s contract was created on February 10—over a week before the supposed “official” announcement. The token launched on the Solana-based memecoin platform Pump.fun but failed to gain traction, reaching only $7,489 in market capitalization.

Saudi Law Conference Responds to Hack

The Saudi Law Conference, a major legal event in the country, confirmed that its X account had been hacked. In a LinkedIn post, they clarified that the fraudulent posts did not represent their views.

“We confirm that we are urgently working to regain control of the account and disclaim all responsibility for any unauthorized posts made during this period. We also apologize to our followers for any inconvenience this may cause and urge everyone to exercise caution and refrain from engaging with any suspicious content posted through the account until further notice,” the Saudi Law Conference shared.

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Memecoin Scandals Are on the Rise

This incident is part of a growing trend of high-profile memecoin scams. Recently, Argentine President Javier Milei faced controversy after promoting a token called Libra (LIBRA), which later crashed by 94% when insiders withdrew $107 million.

Investor interest in memecoins has surged, especially after U.S. President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President launched the “Official Trump (TRUMP)” token on January 18, followed by Melania Trump’s “Melania Meme (MELANIA)” token on January 19. However, the Trump token has dropped 76% from its peak, while the Melania token has plunged 90%.

The Saudi Law Conference hack highlights the growing risks of crypto scams, as fraudsters continue to exploit public figures to mislead investors.