Hackers Pose as Saudi Crown Prince to Peddle Fake Meme Coins

Hackers Impersonate Saudi Crown Prince to Launch Fraudulent Meme Coins

In a brazen cyberattack, hackers exploited the official X account of the Saudi Law Conference to promote fraudulent meme coins, deceiving potential investors with misleading information. The hackers impersonated Saudi Arabia's Crown Prince and Prime Minister, HRH Mohammed bin Salman, posting multiple tweets advertising newly launched cryptocurrencies falsely associated with the Saudi government.

The tokens included the Saudi Arabia Meme coin (KSA) and the FALCON Meme coin (FLCN). However, the community remained skeptical of the project, with users warning others to stay away from the meme coins. As expected, both tokens were rug-pulled shortly after launch, with KSA plummeting by 93.71% post-launch and FLCN depreciating by 95.90%. Additionally, the official website for FLCN was taken down.

That’s not all. The hackers also announced the launch of the “Official Saudi Arabia Meme coin” at 15:00 UTC. However, the account was recovered before the scheduled launch, and all fraudulent tweets were removed.

Following the incident, the Saudi Law Conference issued an official statement via LinkedIn, confirming that the account had been compromised and urging everyone to exercise caution and refrain from engaging with any suspicious content.

This latest attack adds to the increasing number of hacks and rug pulls in recent weeks. Last week, World Liberty Financial co-founder Zach Witkoff’s account was hacked to promote a fake Barron Trump meme coin. Previously, some attackers also took over the accounts of and to promote fraudulent meme coins.