The crooks launched a counterfeit Saudi cryptography coin nicknamed “KSA)” KSA) “KSA)” Saudi Arabia “by pretending to be the Crown Prince Mohammed Bin Salman, capitalizing on the rise of the pieces even related to celebrities.
On February 17, a position now deleted from an X account imitating the crown prince presented the counterfeit piece of Saudi cryptography. The absence of any official approval or the details verified on its real design and application quickly raised red flags.
Shortly after the Jet Faux, representatives of the Saudi law conference – the assigned owners of the account X affected – announced that their account had been compromised by unauthorized access.
The organizers recognized the breach in a Linkedin updateStressing that all messages on the false piece of Saudi cryptography or anything else in the compromise account did not reflect their official opinions or positions.
The fraudulent part of Saudi cryptography was responsible for warning panels: its launch announcement has provided no specificity on the tokenomic or the expected use, and there was no official government approval to support it.
Another warning emerged when it was discovered that the token intelligent contract was put online on the blockchain a full week before its public revelation. The project made its debut on February 10 via Pump.Fun, a platform based in Solana known for the accommodation of the same Coin Ventures.
False surplus memes currency
The beginnings of the KSA token occur in the heels of Argentinian president Javier Milei Controversial backing of the $ balance token – A project that finally collapsed after the initiates withdrew $ 107 million, which caused more than 94% its value.
President Milei announced the token on X, although the post was deleted later. In his message, he provided a website and contract address, describing the project as a private initiative aimed at stimulating economic growth in Argentina.
The Milei office later said that the president did not play a role in the development of the project. However, they confirmed that he and his administration had met representatives of the KIP protocol – the team behind the initiative – at the presidential office.
Fraudsters often exploit the reputation of high -level figures To approve false cryptocurrency patterns, taking advantage of public confidence to give an air of legitimacy to their scams.
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Michaela has no cryptographic positions and has no cryptographic assets. This article is provided for information purposes only and should not be interpreted as financial advice. Shibaine Shib and Shib Daily are the official media and the publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult a qualified financial advisor before making investment decisions.
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