Saudi Law Conference X Account Hacked to Promote Fraudulent Memecoins

In a recent incident, Hackers took over the Saudi Law Conference’s X account, impersonating Crown Prince Mohammed bin Salman to promote fake cryptocurrencies.

Notably, the scammers used the crown prince’s name and image to promote an “Official Saudi Arabia Memecoin” and “FALCON Memecoin,” sharing contract addresses for the tokens.

https://twitter.com/badlydrawnbarry/status/1891413792233259270

The Red Flags!

The first warning sign was the absence of official government announcements and a lack of clear information on the project’s tokenomics or the underlying utility.

Another major warning sign for investors was that the fake Saudi Arabia memecoin’s contract was created on February 10, a week before the official announcement, on the Solana-based memecoin platform Pump.fun. Despite the early launch, the token struggled to gain traction, with only $7,489 in market capitalization since its release.

The conference, an important legal event in Saudi Arabia, confirmed that its official X account had been hacked. They clarified on LinkedIn that the content posted by the hackers did not represent the conference’s opinions or official stance in any way.

“We confirm that we are urgently working to regain control of the account and disclaim all responsibility for any unauthorized posts made during this period. We also apologize to our followers for any inconvenience this may cause and urge everyone to exercise caution and refrain from engaging with any suspicious content posted through the account until further notice,” the Saudi Law Conference shared.

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The Volatile Celebrity-Endorsed Cryptos

Besides, this incident follows controversy involving Argentine President Javier Milei, who promoted a memecoin called Libra in a post that was later removed. The Libra (LIBRA) token, endorsed by Argentine President Javier Milei, saw a dramatic 94% drop in value after insiders pulled out $107 million from the token.

Retail interest in celebrity-backed memecoins grew after US President Donald Trump

Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President launched the Official Trump (TRUMP) token on January 18, followed by Melania Trump’s Melania Meme (MELANIA) token on January 19. However, the Trump token is down 76% from its peak, and the Melania token has dropped 90%.