Scammers created a fake cryptocurrency named KSA by impersonating Saudi Arabia’s Crown Prince, Mohammed bin Salman, exploiting investors’ excitement for tokens associated with famous personalities. The scam was revealed through the fake account SaudiLawConf on platform X. However, the Saudi Legal Conference later confirmed their official account was hacked and had no connection to this project. Warning signs of this project included the absence of any official announcement from the Saudi government and lack of transparency about the tokenomics and its use cases. The token launched on February 10 on the Pump.fun platform but failed to attract investors, only reaching a market value of $7,489. According to blockchain expert Anndy Lian, users should conduct thorough research before investing and avoid projects with unclear developer team identities.
