Prince of Scams: How a Fake Meme Coin Fooled the Internet

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So, there I was, scrolling through X (formerly Twitter, but let’s not get into that), when I stumbled upon the latest crypto drama. Apparently, someone decided it would be a brilliant idea to impersonate Saudi Arabia’s Crown Prince Mohammed bin Salman and launch a meme coin. Because, you know, nothing screams “legitimate investment opportunity” like a fake royal endorsement. 🏰💸

On February 17, a fake account named “SaudiLawConf” (because nothing says “trustworthy” like a username that sounds like a legal seminar) announced the launch of the Official Saudi Arabia Meme Coin. The post has since vanished, probably because even the scammers realized how ridiculous it sounded. But not before they managed to lure in a few unsuspecting investors. 🎣

Of course, the real Saudi Law Conference quickly caught wind of this nonsense and took to LinkedIn to clarify that their X account had been hacked. Their statement, translated from Arabic, basically said, “We’ve been hacked, and no, we’re not endorsing any meme coins. Please stop asking.” 🙏

The conference management announces that the official conference account in the X platform (@Saudilawconf) has been hacked and that any content currently published through the account does not represent our opinions or official orientations in any way.

The crypto community, ever the bastion of rationality, had mixed feelings about this whole debacle. Some were excited about the potential for a new meme coin to shake up the market, while others were like, “Wait, this smells fishy.” 🐟 And by fishy, I mean “obvious scam.”

Crypto investigator PeckShieldAlert was quick to sound the alarm, tweeting, “Our community member has reported that the @SaudiLawConf account appears to be hacked and is promoting #meme.” Because nothing says “credible” like a hashtag. 🚨

#PeckShieldAlert Our community member has reported that the @SaudiLawConf account appears to be hacked and is promoting #meme

— PeckShieldAlert (@PeckShieldAlert) February 17, 2025

Another voice of reason, TradeDucky, warned the community to stay vigilant, saying, “Hackers might have compromised the Twitter account of a Saudi Arabian prince to promote a fake ‘official national memecoin’ scam.” Because, you know, that’s exactly what we needed—another reason to distrust the internet. 🦆

This whole mess comes on the heels of other celebrity-endorsed crypto disasters, like Argentina’s Libra token, which skyrocketed by 3000% before crashing and burning, leaving investors with nothing but regret and a lighter wallet. 💔

And let’s not forget the CAR meme coin, endorsed by the Central African Republic’s president, which also tanked after suspicions of a rug pull. Because when it comes to crypto, the only thing more volatile than the market is the level of trust we’re willing to place in it. 🤷‍♂️

So, the next time you see a meme coin endorsed by a world leader, maybe take a moment to think, “Is this too good to be true?” Spoiler alert: It probably is. 🚩

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2025-02-17 15:57