Scammers Launch Fake KSA Meme Coin Using Compromised Saudi Law Account
Scammers impersonated Saudi Crown Prince Mohammed bin Salman to launch a fake meme coin called KSA. The fraudulent account "SaudiLawConf" announced the token on February 17, misleading investors about its legitimacy.
Key points:
- KSA token lacks government backing and credible sources.
- Token contract was created a week before the announcement.
- Investment totaled $7,489; market cap dropped to $5,264.
- The real Saudi Law Conference confirmed their account was hacked.
This incident reflects a trend of scams involving celebrities. Research indicates 33% of cryptocurrency scams utilize celebrity accounts for influence. In January 2024, losses from cryptocurrency security incidents exceeded $3 billion, a 15% increase from 2023.
Recent launches of celebrity-backed meme coins have fueled demand, prompting scammers to create fake tokens that result in financial losses for users.