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Recently, cybercriminals promoted a fake memecoin called KSA by taking over the Saudi Law Conference’s official X account. The token’s introduction sparked concerns right away since it claimed ties to Crown Prince Mohammed bin Salman. Since then, the Saudi Law Conference has denied any connection to the cryptocurrency and acknowledged that their account was compromised.
On February 17, the Saudi Law Conference’s X account falsely announced the launch of KSA, a memecoin supposedly linked to Saudi Arabia’s leadership. However, skepticism arose due to the token’s lack of transparency, unclear tokenomics, and absence of official backing. Shortly after, the conference organization clarified the situation in a LinkedIn statement: “We confirm that we are working urgently to recover the account, and we fully disclaim any unofficial publications issued through it during this period. We also apologize to our followers for any inconvenience this may cause, and urge everyone to be cautious and not interact with any suspicious content published through the account until further notice.”
While the fraudulent token was officially promoted on February 17, its contract showed it was created a week earlier on Solana’s memecoin launchpad pump.fun. Despite hackers attempting to capitalize on the Crown Prince’s reputation, the KSA memecoin struggled to attract interest. Within hours of the so-called official launch, its market capitalization remained under $8,000.
This incident highlights a worrying trend where hackers exploit verified or influential social media accounts to promote fake tokens. Similar scams have surfaced since the start of the year, often targeting accounts with large followings to mislead users.
Although high-profile figures and organizations eventually regain control of their accounts, the damage is often done. In some cases, victims lose millions of dollars before these fraudulent schemes are exposed.