This is not the first time and certainly won’t be the last time that scammers try to use the names of famous people to lure their victims into a trap, but it’s a good thing that this time there aren’t many victims.
What I find strange is that people believe that this meme is for the Saudi Crown Prince, as as far as I know there is no official or personal interest from the royal family in cryptocurrencies and the Kingdom of Saudi Arabia is not one of the countries that welcome cryptocurrencies very much.
This is what we should call the curse of the meme coin.
isn't this almost the same with Bermuda Premier, David Burt where a scammer created a David Burt x account only to shill a token where people are also fooled to believe David Burt had really release a token. An eager investor who would like to just join a pump.fun experiment can go ahead and spend thousands to be the first to pump to make money.Yes unfortunately and this is the real problem, many of these victims know that they may be scammed and they know that there is a big risk but because of greed they go ahead with the risk and in the end they regret it.
It would be sad for the when they see the token is actually created by a fake X account.
This is one of the dangers in our modern crypto-centric world...losing our money to many forms of scam can really be an experience worth not reliving...as as one of the many victims in the past I know how it feels to be one and that is why I always love sharing stories like this to warn people and to educate as many as possible of this malady.They hacked the wrong person account and chose the wrong country most of the followers of Saudi Crown prince know he will not release his meme coin due to number of reasons. Plus the followers are not like Elon's followers who have money to risk on whatever Elon shares no offense.
i do not know if this due to lack of attention since it happened pretty quickly or maybe just many people quickly identified the red flags and decided this was not worth their time or maybe the prince is not as popular as these scammers thought ?(https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=717/https://s3.cointelegraph.com/uploads/2025-02/0195134f-2beb-7081-ba65-d09824bd1665)However, the token failed to attract investor capital, amassing only $7,489 worth of market capitalization since it launched, Pump.fun data shows.
This is one of the dangers in our modern crypto-centric world...losing our money to many forms of scam can really be an experience worth not relivingto be fair this kind of scam is really not that innovative like this is not the smartest newest method to scam people so if you fall for things like this you need to relearn ways to study how scammers think and work because otherwise you might find yourself being fooled
i do not know if this due to lack of attention since it happened pretty quickly or maybe just many people quickly identified the red flags and decided this was not worth their time or maybe the prince is not as popular as these scammers thought ?Yeah, it is probably one of those, if it had gotten enough attention, i am sure so many people would have been scammed, but if the prince was all that popular, then it would have gotten attention. However, we can say that people who like to invest in memecoins like this are lucky.
The first red flag from the token was the absence of any official government communication and a lack of details on the project’s tokenomics or underlying utility.Red flags concerning new crypto projects will be easier to spot by people who are interested in researching about a coin or token before trying to invest in or make a profit from it. These red flags always exist, although sometimes they may be more masked by scammers who go the extra mile and make it even more difficult for someone with a little more knowledge than a newbie to even observe.
This is a perfect example of why we should always verify information before investing in crypto. Scammers prey on hype, especially when it involves well-known figures or governments. If there's no official announcement from a trusted source, it is a huge red flag.the problem is if the trusted source gets hacked like what happened and posts a fake announcement there should be more red flags but it will be more difficult to find said red flags is there is some announcement from a trusted source but you never know who is controlling that account
Luckily, this scam didn't take off, but many others have caused major losses. Always research thoroughly before putting money into any project.if more people had gotten the memo, surely more people would have caught on and got into the hype
This is a perfect example of why we should always verify information before investing in crypto. Scammers prey on hype, especially when it involves well-known figures or governments. If there's no official announcement from a trusted source, it is a huge red flag. Luckily, this scam didn't take off, but many others have caused major losses. Always research thoroughly before putting money into any project.
---They chose the wrong person. They chose the person who is rich yes, but not that popular at all. Maybe if he chose other popular people that are linked to Trump then the scammers could get more money. :D
Shortly after the scam coin was launched, the original owners of the X account, the Saudi Law Conference, confirmed that their X account was hacked by impersonators...
However, the token failed to attract investor capital, amassing only $7,489 worth of market capitalization since it launched, Pump.fun data shows.
We need to take this very serious, because right from seeing the begining of this thread, I already know that the crown prince of Saudi Arabia cannot be involved in such a menace, despite there is an increasing crypto activities in such region, impersonators could come in by any route to ensure that they have the opportunity of forging on reputable individuals identity to perform their own unlawful task, we should stay cleared.