Scammers have taken advantage of the rising popularity of celebrity-backed cryptocurrencies by introducing a fraudulent memecoin called “KSA.” The token falsely claims to be associated with Saudi Arabia’s Crown Prince Mohammed bin Salman.
🚨 WARNING: SCAM ALERT! 🚨
⚠️ Scammers are impersonating Saudi Crown Prince Mohammed bin Salman to promote a fake KSA memecoin!
Officials have confirmed that the account was hacked and the project is fraudulent.
Always verify sources before making any decision. Stay safe! pic.twitter.com/SiPKuEDPOT
— Wise Advice (@wiseadvicesumit) February 17, 2025
The KSA project was announced on February 17 through a compromised X account, “SaudiLawConf,” which hackers used to misrepresent the crown prince. Shortly after the fake token was promoted, the legitimate owners of the account, linked to the Saudi Law Conference, confirmed that their account had been breached.
“The conference management announces that the official conference account on the X platform (@Saudilawconf) has been hacked and that any content currently published through the account does not represent our opinions or official orientations in any way,” the conference organizers clarified.
Red Flags in Token Launch
Reports highlighted red flags with the fraudulent token, such as the absence of official government communication and a lack of transparency regarding its tokenomics and utility. Another red flag is that the token contract was deployed on February 10, seven days before its public announcement, on the Solana-based Pump.fun launchpad.
Experts are urging potential investors to approach new projects with caution. In particular, blockchain analyst Anndy Lian stressed the importance of transparency, pointing out that the presence of a mysterious team or a lack of available information should raise concerns.
Controversies Surrounding Politically-Backed Memecoins
The KSA event follows similar controversies with other politically-backed tokens recently. For instance, Argentine President Javier Milei publicly endorsed LIBRA, a Solana-based memecoin.
After his endorsement, the token’s market capitalization soared to $4.56 billion at its peak on February 14 at 10:30 p.m. UTC. However, in just 11 hours, LIBRA’s value plummeted by over 94%, falling to $257 million.
Meanwhile, U.S. President Donald Trump launched the Official Trump (TRUMP) memecoin on January 18, followed by Melania Trump’s Melania Meme (MELANIA) token on January 19. However, both tokens have underperformed, with TradingView data showing Trump’s token down over 76% and Melania’s token down more than 90% from their peaks.
According to a CoinTab report, Public Citizen, a U.S. nonprofit, has filed a complaint with the Department of Justice (DOJ) and the Office of Government Ethics (OGE). They are calling for a federal investigation into President Donald Trump’s promotion of the Solana-based memecoin TRUMP.
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