Scammers Exploit Saudi Prince’s Name for Fake Meme Coin Scheme

Scammers recently attempted to deceive investors by launching a fake meme coin linked to Saudi Arabia’s Crown Prince Mohammed bin Salman.

Using a hacked X account labeled “SaudiLawConf,” they falsely promoted an “official” Saudi meme token. Shortly after, the Saudi Law Conference confirmed their account had been compromised and warned of fraudulent activity.

The announcement of a Saudi-themed meme coin triggered mixed reactions, with some seeing potential and others suspecting a scam.

Security firm PeckShieldAlert flagged the token as dubious, while analyst TradeDucky cautioned that hackers might have used a Saudi royal’s identity to promote the project. The lack of government confirmation and missing tokenomics details fueled skepticism.

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This scam follows the collapse of Argentina’s Libra token, which surged 3,000% after President Javier Milei’s endorsement, only to crash as its creators pulled $87 million.

Similarly, a meme coin linked to the Central African Republic’s leader lost over 70% of its value due to concerns of a rug pull. The Saudi-linked scam, launched on February 10 via Pump.fun, failed to gain traction, with a market cap of just $7,489.

Alexander Stefanov