Hackers Impersonate Saudi Crown Prince to Launch Fraudulent Meme Coins

The official X (formerly Twitter) account of the Saudi Law Conference was compromised in a coordinated cyberattack on Monday. 

Hackers exploited the platform to promote fraudulent meme coins, deceiving potential investors with misleading information.

Saudi Law Conference’s X Account Hacked for Meme Coin Scam

On February 17, scammers impersonated Saudi Arabia’s Crown Prince and Prime Minister, HRH Mohammed bin Salman. They posted multiple tweets advertising newly launched cryptocurrencies, falsely associating them with the Saudi government.

The tokens included the Saudi Arabia Meme coin (KSA) and the FALCON Meme coin (FLCN). 

Nonetheless, the community remained skeptical of the project.

“There has been countless scams under official government names and this will be another one,” posted one user on X.

Users also warned others to stay away from the meme coins.

“Crown Prince of Saudi Arabia, Mohammed bin Salman will never make a memecoin, and he does not have an account on X. This is a SCAM!” wrote another user.

As expected, both tokens were rug-pulled shortly after launch. According to data from Dexscreener, KSA plummeted by 93.71% post-launch. Meanwhile, FLCN depreciated by 95.90%. Additionally, the official website for FLCN was taken down. 

That’s not all. The hackers also announced the launch of the “Official Saudi Arabia Meme coin” at 15:00 UTC. However, the account was recovered before the scheduled launch, and all fraudulent tweets were removed.

Following the incident, the Saudi Law Conference issued an official statement via LinkedIn. 

“The management of the conference announces that the official account of the Saudi Law Conference (@SaudiLawConf) has been exposed to a breach. Any content currently being posted from the account that does not reflect our views or official directions should be disregarded,” the statement read.

The Saudi Law Conference also confirmed that they are actively working to restore the compromised account. They urged everyone to exercise caution and refrain from engaging with any suspicious content.

The hack comes just days after Argentina’s President Javier Milei retracted his endorsement of the LIBRA meme coin after it was linked to a pump-and-dump scheme. This resulted in a $107 million drain and a 90% price drop.

Meanwhile, hacking X accounts to promote fake meme coins isn’t entirely new. This latest attack adds to the increasing number of hacks and rug pulls in recent weeks. Last week, World Liberty Financial co-founder Zach Witkoff’s account was hacked to promote a fake Barron Trump meme coin.

Previously, some attackers also took over the accounts of former Malaysian Prime Minister Mahathir Mohamad and Brazil’s former President Jair Bolsonaro to promote fraudulent meme coins.

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