In a recent incident, hackers managed to take over the Saudi Law Conference’s X account, using it to impersonate Crown Prince Mohammed bin Salman in order to promote fake cryptocurrencies. The scammers utilized the crown prince’s name and image to endorse an “Official Saudi Arabia Memecoin” and “FALCON Memecoin,” providing contract addresses for these tokens.
One of the first red flags that investors should have noticed was the lack of official government announcements and a dearth of clear information regarding the project’s tokenomics or underlying utility. Additionally, the fake Saudi Arabia memecoin’s contract was established on February 10, a week prior to the official announcement, on the Solana-based memecoin platform Pump.fun. Despite this early launch, the token struggled to gain traction, with only $7,489 in market capitalization since its inception.
The Saudi Law Conference, a significant legal event in Saudi Arabia, confirmed that their official X account had been compromised by hackers. They clarified on LinkedIn that the content disseminated by the hackers did not reflect the conference’s viewpoints or official position in any way.
“We confirm that we are urgently working to regain control of the account and disclaim all responsibility for any unauthorized posts made during this period. We also apologize to our followers for any inconvenience this may cause and urge everyone to exercise caution and refrain from engaging with any suspicious content posted through the account until further notice,” the Saudi Law Conference shared.
This incident is just one in a series of controversies involving celebrity-endorsed cryptocurrencies. Argentine President Javier Milei recently promoted a memecoin called Libra in a now-deleted post. The Libra (LIBRA) token, endorsed by Milei, experienced a sharp 94% decline in value after insiders withdrew $107 million from the token.
Interest in celebrity-backed memecoins has been on the rise, with US President Donald Trump launching the Official Trump (TRUMP) token on January 18, followed by Melania Trump’s Melania Meme (MELANIA) token on January 19. However, both tokens have seen significant drops in value since their peak.
As the cryptocurrency market continues to attract attention, investors should remain vigilant and conduct thorough research before engaging with any new projects or tokens. Stay informed with the latest news and updates on the crypto world to make informed investment decisions.