Saudi Crown Prince Impersonated in ‘Official’ Memecoin Scam—Investors Urged to Exercise Caution
A fresh wave of cryptocurrency scams is sweeping through the market, with fraudsters impersonating high-profile figures to launch misleading tokens. The latest scheme targets those looking to ride the hype around celebrity-backed memecoins—this time, by falsely claiming backing from Saudi Arabia’s Crown Prince Mohammed bin Salman, the country’s prime minister.
Fake “Official” Saudi Arabia Memecoin (KSA) Emerges
The counterfeit token, branded the “Official” Saudi Arabia Memecoin (KSA), was first publicized on February 17 via a post on X (formerly Twitter) from an account called “SaudiLawConf.” Investigators quickly identified multiple red flags:
- No Government Endorsement: There was no official Saudi government communication about the memecoin, casting immediate suspicion on its legitimacy.
- Lack of Transparency: Key details about tokenomics, utility, or project leadership were conspicuously absent.
Within hours of the token’s launch, the Saudi Law Conference—the original owner of the compromised X account—took to LinkedIn to confirm that their handle had been hacked. The conference clarified that any content shared under its stolen profile did not reflect its official stance or opinions.
Timing and Dubious Motives
Another warning sign was the token contract creation date. Although officially announced on February 17, the KSA memecoin contract was created a week earlier—on February 10—via the Solana-based memecoin launchpad Pump.fun. Despite this early start, KSA’s market capitalization remained modest at around $7,489, based on Pump.fun data.
Industry watchers believe the scam’s orchestrators aimed to capitalize on investor enthusiasm for memecoins, which saw a surge in 2025 thanks to high-profile launches and celebrity endorsements.
Broccoli Memecoin Frenzy: A Cautionary Tale
The KSA token’s appearance follows closely on the heels of the Broccoli memecoin fiasco. Initially, this token frenzy spread across Solana and BNB Chain after a casual mention by Changpeng Zhao (CZ) referencing his dog’s name. One Solana-based Broccoli token briefly hit a staggering $1.5 billion market cap, and a BNB Chain variant surpassed $90 million—yet these tokens quickly plummeted in value, fueling concerns about rug pulls and liquidity dumps.
Trump Memecoins and the Wider Market
Recent months have seen prominent figures—from Argentine President Javier Milei to U.S. President Donald Trump—indirectly tied to various memecoin projects. However, these tokens have typically experienced dramatic losses following their initial spikes. For instance, the Trump memecoin has sunk over 76% from its all-time high, while the Melania coin’s value dropped more than 90%, according to TradingView data.
Expert Advice: Do Your Homework
Blockchain expert Anndy Lian emphasizes the importance of due diligence in the memecoin landscape:
“Don’t just throw your cash at something because it’s got a catchy name or claims to be ‘official.’ Check who’s behind the project. If the team is all mysterious or you can’t dig up any real info on them, that’s a red flag waving right in your face.”
With crypto markets brimming with speculative tokens, investors should tread carefully. Thorough research, verification of development teams, and clarity on use cases are essential steps to avoid falling prey to fraudulent schemes.
The post “Saudi Crown Prince Impersonated by Scammers to Launch Fake Memecoin” first appeared on UNLOCK Blockchain. Always remember to invest responsibly and verify information through multiple reliable sources.
