Scammers have created a fraudulent cryptocurrency that impersonates Saudi Crown Prince Mohammed bin Salman. This scheme aims to exploit the growing retail interest in celebrity-backed memecoins.

The token, referred to as the “Official” Saudi Arabia memecoin (KSA), was launched on February 17 through a compromised account of the Saudi Law Conference. This account later confirmed the breach and denied any connection to the token. The launch raised immediate concerns due to the absence of official government communication and transparency regarding the project’s tokenomics and utility.

This incident is part of a recent trend in the cryptocurrency market, where tokens endorsed by public figures have shown significant volatility. For example, the rapid decline of the Libra token, endorsed by Argentine President Javier Milei, fell over 94% shortly after its launch.

📎 Related coverage from: cointelegraph.com