Fake Saudi Arabia memecoin launched by Saudi crown prince impersonators

[TomPluz]

Just another interesting story happened when "...scammers impersonating Saudi Arabia’s crown prince launched a fake KSA memecoin, exploiting investor enthusiasm for celebrity-backed tokens. Officials have confirmed the account was hacked."

The “Official” Saudi Arabia memecoin (KSA) was announced on Feb. 17, according to an X post by the account “SaudiLawConf,” a fake account impersonating the crown prince.

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.

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.

https://cointelegraph.com/news/saudi-prince-impersonators-launch-fake-saudi-arabia-memecoin

These days we have to careful and we must never allow ourselves to be easily victimized by vicious and sleek scammers masquerading as this and that popular personalities. Good thing that the above scam never attracted attention and support worth millions and that it was immediately snuffed before snowballing.

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.

[target]

If there are still people who bought this memecoin just after the impersonator tweeted it, he must be taking memecoins pump and dump a serious business like he wants to be an early bird earner.

This is the first, there could be another scammer attempt soon impersonating a celebrity again. Such a sneaky way of scamming people and I wonder if an exchange listing a token like this will also be liable?

[Bobcrypto]

In facts, scammers has taken over every aspect of the crypto economy, it is a pity that they are upgrading every day and people are likely to fall for their wicked strategies. Unfortunately, my wallet was also hacked today, and i am still wondering how this happened. This days, hackers are on rampage, the way forward or solutions for all this scams activities has not been discovered. I think we just have be vigilant.

[yhiaali3]

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.

[electronicash]

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.

It would be sad for the when they see the token is actually created by a fake X account.

[yhiaali3]

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.

It would be sad for the when they see the token is actually created by a fake X account.

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.

Scammers primarily play on the victims' emotions of greed because they know that the victim cannot resist the temptation of the bait even if she knows that there is a big risk, this is my personal explanation of why these victims always fall into the same trap.

[robelneo]

Those who invested here are people who do not have criteria, parameters, and red flags for their investment. Look out and just invest here because of potential profit based on their greed; they could have checked it online first or asked on forums like altcoinstalks and they could have saved their hard-earned money, When you're criteria is how much money you can make, you are a candidate to get scammed and you have no one to blame but yourself.

[Baofeng]

Yeah, this is the sard part of reality here in crypto, everyone can scam someone and impersonate famous celebrities.

And it's good that it didn't get any traction and only scammed $7k out of those who blindly trust or who didn't do their due diligence to see that this is a obvious scam.

It will be hard if the scammers was able to stole millions, so in the end we can say that the scammers didn't succeed but I do agree that this is not the last time that we will see this kind of scams.

[Faisal2202]

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.

We also make money in crypto but events like these can make us lose big therefore never trust any posts until they are confirmed but yeah something like this require quick attention otherwise the chance of making money can be lost but still we should risk money only we don't care to lose.

[albon]

Such an event has been happening long ago and this is not the first or the end of it because the scammers will always continue to try to use the names of famous people to trap their victims. However, since the project could not go viral quickly so many are not affected here. I think it is very few people believe that even there is no interest in any crypto world from the royal family form saudi. The crypto world does not have freedom in saudi arabia so this project will fail to scam by our money. It is important to always be aware because more projects will come in the future who will create hype using the names of famous people.

[bhadz]

Many are going to learn their lessons the hard way because of their urgency of investing into meme coins and also the ones that are endorsed by their leaders and politicians. They are very prone to this mistake and that's why they need to be careful because they're the most vulnerable people right now if they are still searching for these memecoins to invest their money. It's best for them to stop supporting these memecoins once and for all.

[Z-tight]

One thing i noticed about memecoins is that people do not even care about what they are buying, they just hope to be lucky when they buy it. Such investors are lucky that this scam didn't blow up, they would have been one of the victims. However, the funny thing is that even memecoins that are not created by 'obvious' scammers are still scamming people and making money from them, lol.

[bitterguy28]

However, the token failed to attract investor capital, amassing only $7,489 worth of market capitalization since it launched, Pump.fun data shows.

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://cointelegraph.com/news/saudi-prince-impersonators-launch-fake-saudi-arabia-memecoin

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

to 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

[Z-tight]

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.

[Crwth]

At least we all know it has only been a small amount of money that went in and not a lot of money like $LIBRA. Many problems are encountered because of it and should be dealt with.

I read somewhere that people are getting offers to have their account "faked hacked" to promote a shitcoin. It's the target now.