Fraudsters Launch Fake Meme Coin in the Name of Saudi Prince

On February 17, hackers breached the X-account of Saudi Arabian Prince Mohammed bin Salman, announcing the imminent launch of the country’s “official” meme coin (KSA). It was later revealed that the account belonged to the Saudi Legal Conference.

#PeckShieldAlert Our community member has reported that the @SaudiLawConf account appears to be hacked and is promoting #meme pic.twitter.com/UmC3vNtQIT

— PeckShieldAlert (@PeckShieldAlert) February 17, 2025

Officials confirmed the hack and stated they have no connection to the project.

Suspicions about the legitimacy of KSA arose immediately after its announcement. The complete lack of technical information about the project indicated no ties to official Saudi representatives.

Another serious warning for investors was that the KSA smart contract was created on February 10 — a week before the announcement. The token was launched on the Pump.fun platform based on the Solana blockchain. The market capitalization of the fake meme coin has reached only $7489 since its launch.

The “announcement” of KSA occurred amid a boom in meme coins associated with political figures.

Previously, the LIBRA token, promoted by Argentine President Javier Milei, plummeted by 94% due to liquidity withdrawal by insider wallets.

Earlier, Bubblemaps established a connection between the teams behind the LIBRA and MELANIA meme tokens.