Scammers have launched a fraudulent cryptocurrency using the name of Saudi Arabia’s Crown Prince Mohammed bin Salman.
The counterfeit coin, dubbed the “Official” Saudi Arabia memecoin (KSA), emerged on February 17 through a social media account claiming to be associated with the crown prince. The genuine administrators of the account later reported that it had been hacked, distancing themselves from the scam.
Such scams often exploit the identities of public figures to peddle fake cryptocurrency ventures, taking advantage of the trust that individuals place in well-known personalities. High-profile figures like Elon Musk and Donald Trump have also been victims of similar schemes, often featuring bogus crypto giveaways.
The fraudulent Saudi Arabia memecoin raised multiple warnings for potential investors. The announcement failed to provide any substantial information regarding the coin’s tokenomics or intended use, nor was there any official endorsement from the government. Additionally, a significant red flag was that the token’s smart contract was created a week prior to the public announcement. This launch took place on February 10 through a Solana-based memecoin platform, and the scam token struggled to gain traction, achieving a meager market capitalization of only $7,489.
