Fake Saudi Arabia memecoin launched by Saudi crown prince impersonators

[Rruchi man]

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.

Newbies need to look out and ask questions concerning possible red flags.

[JoyMarsha]

The crypto space no longer feel safe for those looking for making quick money from memecoins investments because scammers are currently using the avenue of making quick money through memecoin investment to scam investors. Had it been Saudi Law Conference didn't say on time that their X account was hacked, this is how the scammers would have made way with millions of dollars because they get held of the Saudi Prince X account.

This supposed to be learned lesson that people shouldn't have a rush of investment because they learnt that someone they know is launching a crypto project. Those kinda projects can be a scam 

[KincaidT]

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.

[bitterguy28]

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

i remember a mate of mine posting about crypto and when i asked him about it he said he did not know what crypto was and that his account was hacked

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

[Baofeng]

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.

Or just simply stick to Bitcoin, you will not have any issues or problems about losing your money, specially if you are going to put it in a wallet that you have control.

But there could be others willing to take that big risk in meme coins and what is the current hype. And with that risk comes losing a lot of money even if you did research, any time this projects can do a rug pull.

[trendcoin]

Trump, Melania, MBS and maybe another one if it joins them... :)

The market is showing extremely irrational movements. Situations like this are a sign of collapse for me. Yes, MBS memecoin is not real, but I wouldn't be surprised if it is. In an environment where rationality is completely out of the picture, it is possible for us to see anything...

We must follow the smart money to make money. Recently, the cryptocurrency industry has gone beyond the boundaries of rationality...

[LogitechMouse]

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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.

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.

Anyway, it's good that the scammers only got $7,500 worth of money compared to others out there that are getting millions. I really hate pump.fun just because of how much money is being poured on meme coins. I mean they're the reason for me why altcoins now are diluted. Instead of money being poured to established altcoins, they're being poured towards these useless and worthless meme coins just for the sake of profit.

For us not to fall to these scams, better avoid those new meme coins out there. If you want to invest into meme coins, just invest into those top ones out there.

[Aanuoluwatofunmi]

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.

[Gurujebs]

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.

I don't really blame people impersonators for their quick money plans sometimes, it's the people that are greedy and don't do their own investigations that I blame. Whenever a high profile person out of no where and has not involved in crypto suddenly announce they are doing any sales, then obviously it's a scam, no other words will be used that will change my mind but people don't learn, they just want to make quick money.

I hope the fake crown prince is arrested and jail to send messages for other people that are planning the same heist and any other people that have such intentions in mind because this is clearly damage reputation.