Saudi Crown Prince Meme Coin Scam: Hackers Hijack Account to Promote Fake Tokens

Ever heard of a meme coin endorsed by Saudi Arabia's Crown Prince? Probably not, and for good reason – because it's likely a scam! Recently, hackers pulled off a brazen move, compromising the official X (formerly Twitter) account of the Saudi Law Conference to promote some seriously dodgy crypto tokens.

Hackers hijacked the official account of the Saudi Law Conference on X.

Fake Crypto Push Using Royal Impersonation

Imagine scrolling through X and seeing posts from the Saudi Law Conference, suddenly pitching "Official Saudi Arabia Memecoin" and "FALCON Memecoin," all while using the image and name of Crown Prince Mohammed bin Salman. Sounds legit? Nope, not at all.

These now-deleted posts were a classic crypto scam tactic. Hackers, after seizing control of the conference's account, tried to lure unsuspecting users into investing in these fake meme coins. They even included "contract addresses"—unique identifiers for tokens on the blockchain—to appear more convincing.

Community Spotting Red Flags

Crypto enthusiasts quickly raised alarms, pointing out the obvious: Saudi Arabia isn't launching official meme coins. Barry, a prominent voice in the crypto community, flagged the hack, stating:

"It should be obvious. But in case it's not: The SaudiLawConf Twitter has been hacked and repurposed, as confirmed on their Instagram.

There is no official Saudi coin. pic.twitter.com/l8JdfIziuU"

This tweet quickly circulated, helping to debunk the scam and warn potential victims.

Official Confirmation of the Hack

The Saudi Law Conference, a significant legal event in the region, wasted no time in confirming the breach. On their LinkedIn page, they announced that their X account was indeed compromised. They clearly stated that any content posted during the hack "does not represent our views or official positions in any way."

In their official statement, the conference reassured followers that they were working hard to regain control of the account and urged everyone to be cautious. They advised users to "refrain from engaging with any suspicious content" coming from their X account until further notice.

Meme Coins and the Rise of Crypto Scams

This incident highlights a growing trend: scammers leveraging the hype around meme coins to trick investors. Just recently, Argentine President Javier Milei faced controversy for promoting a meme coin, later backtracking after insider trading allegations surfaced.

It's crucial to remember that while meme coins can be fun and potentially profitable, they also carry significant risks. Always do your own research and be extremely wary of any crypto endorsement, especially those coming from compromised or unverified sources. If a meme coin tied to a major figure or entity sounds too good to be true, it almost certainly is. Stay safe out there in the wild world of crypto!