Scammers impersonated Saudi Arabia’s Crown Prince Mohammed bin Salman to promote a fraudulent meme coin on Monday.
What happened: In now-deleted posts, the X account of the Saudi Law Conference was hacked to shill the so-called Official Saudi Arabia Memecoin.
The now-deleted posts revealed that hackers updated the account with the crown prince’s name and photo to legitimize the memecoin.
The Saudi Law Conference acknowledged the hack on LinkedIn, dissociating itself from the content published through the X account.
“We confirm that we are working urgently to restore the account, and we disclaim all responsibility for any unofficial posts issued by it during this period,” the message read. The conference urged users not to interact with the hacked account until further notice.
See Also: PlanB Shifts Bitcoin Holdings To ETFs Saying He’s No Longer A ‘Maxi’ — Peter Schiff Reacts: Apex Crypto ‘Not Fulfilling Its Supposed Purpose’
Meanwhile, the token launched through Solana’s (CRYPTO: SOL) meme coin launching pad Pump.fun has plummeted over 58% in the last 24 hours, according to data from CoinMarketCap.
Why It Matters: The fraud coincided with the controversial launch of the LIBRA meme coin, which pumped and then dumped following Argentine President Javier Milei’s endorsement. The president is facing calls for impeachment and a criminal trial for alleged corruption.
In other news, President Donald Trump revealed plans for his meeting with Russian President Vladimir Putin in Saudi Arabia, raising prospects of potential shifts in global energy dynamics. Interestingly, Ukraine’s participation hasn’t come up for discussion as yet.
Image Via Shutterstock
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