In a brazen digital heist, cybercriminals impersonated Saudi Arabia’s Crown Prince Mohammed bin Salman this week, leveraging hacked social media channels to promote counterfeit cryptocurrencies. The incident has sparked alarms about rising memecoin scams exploiting high-profile figures.
Elaborate Impersonation Scheme
Hackers infiltrated the Saudi Law Conference’s official X account on February 17, rebranding it to mimic Crown Prince Mohammed bin Salman. Previously, the account shared updates about legal reforms and national events. Meanwhile, the attackers weaponised its credibility to push fake “Official Saudi Arabia Memecoin” (KSA) and “FALCON” tokens, embedding blockchain contract addresses to lure investors.
The Saudi Law Conference, organisers of a flagship legal summit, swiftly disowned the posts via LinkedIn. They confirmed the breach, adding that “unauthorised content does not represent our views.” This marks the group’s first major security lapse.
Fraudulent Tokens Tied MBS
Using the compromised X account, hackers published doctored images of the Crown Prince alongside claims of state-backed memecoins. Each post directed users to blockchain contracts, though neither token had official Saudi government ties. According to Pump.fun data, the KSA token flopped post-launch, amassing a paltry $7,489 market cap.
Blockchain records reveal the scam’s blueprint: The token contract was created on February 10, a week before promotion. Despite rapid deletion of the posts, archived screenshots show hackers falsely labelling the memecoins as “official.”
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Global Memecoin Scandals
The Saudi scam mirrors a recent controversy involving Argentine President Javier Milei. On February 15, his name promoted the Libra (LIBRA) token, which crashed 94% after insiders drained $107 million in liquidity.
Experts argue these scams thrive on viral hype. “Investors must scrutinise tokenomics and team transparency,” warned Anndy Lian, a blockchain advisor. “Celebrity names alone don’t guarantee legitimacy.”
Saudi Authorities Statement
In response to the hack, the Saudi Law Conference assured followers it was “urgently working to regain control” of its X account. The group apologised for “inconvenience” and urged vigilance against suspicious links. However, cybersecurity gaps remain unaddressed, raising questions about institutional safeguards.
Notably, the breach coincided with the Libra token collapse, suggesting scammers are exploiting geopolitical buzz. Neither Saudi officials nor X’s parent company, Elon Musk’s SpaceX, have commented publicly.
Memecoin Mania Risks
Blockchain analyst Anndy Lian emphasised due diligence amid the chaos. “Verify teams, token utility, and avoid anonymous projects,” he told Contelegraph. His advice follows a surge in pump-and-dump schemes, where creators abandon tokens post-launch.
The KSA token’s failure highlights scammers struggles to monetise politically themed coins. Unlike Libra, which briefly enticed traders, the Saudi memecoin attracted minimal liquidity before exposure.
High-Profile Hacks
As memecoin mania grips retail investors, hackers increasingly hijack trusted platforms to peddle fraud. The Saudi incident underscores vulnerabilities in social media security and the ease of exploiting political figures for profit.
While regulators lag, experts urge scepticism should be the first priority. Investors should first verify endorsements, research tokenomics, and avoid impulsive trades. For now, the Saudi Law Conference’s ordeal serves as a cautionary tale. Celebrity buzz is often masked by digital danger.
Written By Fazal Ul Vahab C H
