Scammers impersonate the Saudi crown prince to launch fraudulent meme currencies ⚠️➡️⚠️⬆️⚠️

The official account of X (, formerly known as Twitter), was exposed to the Saudi Law Conference for Hacking in a coordinated cyber attack on Monday.⚠️⚠️

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

Compromising the Saudi Law Conference account on the X platform for fraud with the meme currency ⚠️⚠️

On February 17, scammers impersonated the Saudi Crown Prince and Prime Minister, His Royal Highness Mohammed bin Salman. They posted several tweets promoting new digital currencies, falsely claiming their connection to the Saudi government.⚠️⚠️

The currency symbols included the Saudi Meme currency (KSA) and the Falcon Meme currency (FLCN).⚠️⚠️

However, the community remained skeptical of the project.

One user said on X: "There have been many scams under official government names, and this will be another one". ⚠️⚠️

Users also warned others to stay away from meme currencies.

Another user wrote: "Saudi Crown Prince, Mohammed bin Salman will not create a meme coin, and does not have an account on X. This is a scam!" ⚠️⚠️

As expected, both codes were withdrawn shortly after launch. According to data from Dexscreener, KSA fell by 93.71% after launch. At the same time, FLCN fell by 95.90%. In addition, the official website of FLCN has been closed. ⚠️⚠️

This is not everything. Hackers also announced the launch of the 'official meme currency of the Kingdom of Saudi Arabia' at 15:00 UTC. However, the account was recovered before the scheduled launch, and all fraudulent tweets were removed.

The Saudi law conference issued an official statement via LinkedIn after the incident. ⚠️⚠️

The Saudi Law Conference also confirmed that they are actively working to recover the hacked account. They urged everyone to be cautious and refrain from interacting with any suspicious content.

The breach came just days after Argentine President Javier Milei backtracked on his support for the MEME currency after linking it to a pump and dump scheme, resulting in a $107 million drain and a 90% price drop.⚠️⚠️

At the same time, hacking X accounts to promote fake meme coins is not entirely new. This latest attack adds to the increasing number of breaches and fraudulent withdrawal operations in recent weeks. Last week, the co-founder's account of World Liberty Financial Zack Whitkoff was hacked to promote a fake meme coin called Baron Trump. ⚠️⚠️

Previously, some attackers also took over the accounts of former Malaysian Prime Minister Mahathir Mohamad and former Brazilian President Jair Bolsonaro to promote fraudulent meme currencies.⚠️⚠️⚠️
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