The crooks pretending to be the Saudi crown prince Mohammed bin Salman launched a false cryptocurrency called the “official” of Saudi-same (KSA) Arabia to exploit the growing interest in the same applied by celebrities. The fraudulent token was announced by a false account, “SAUDILAWCONF”, who pretended to be the crown prince. The scam has raised suspicion due to the lack of official communication from the Saudi government and the lack of transparency concerning the economy or the usefulness of the token.
The legitimate conference of Saudi law confirmed on Linked on February 17 that their account had been hacked and disowned any link with the KSA token. Pump.fun data revealed that the token contract had been created in Onchain on February 10, a week before the announcement, and only collected $ 7,489 in market capitalization.
This incident follows the recent collapse of the balanced token (balance), approved by Argentinian president Javier Milei, who lost more than 94% of his value in a few hours following the withdrawal of $ 107 million in liquidity. Other memes on the political theme such as the official tokens of Trump (Trump) and Melania (Melania) also poorly performed, with Trump down 76% and Melania dropped by more than 90%, according to TradingView.
Blockchain expert Anndy Lian stressed the importance of the reasonable diligence of investors, urging the examination of project teams and transparency to avoid scams. The tendency of the same politicians applied by the figure has led to significant losses for investors, stressing the need for caution on the volatile cryptography market.