Hackers took control of the Saudi Law Conference’s social media account on X, using it to impersonate Crown Prince Mohammed bin Salman and promote fraudulent cryptocurrencies.
The compromised account was used to advertise an “Official Saudi Arabia Memecoin” and a “FALCON Memecoin,” complete with contract addresses to mislead potential investors.
The fraudulent posts, which have since been deleted, falsely suggested that the Crown Prince and Saudi Arabia’s government were backing the tokens. The Saudi Law Conference, a major legal event in the country, confirmed on LinkedIn that its X account had been hacked and warned that all content posted during the breach did not reflect its official views.
In a statement, the conference organizers said they were working urgently to regain control of the account and distanced themselves from any unauthorized posts. They also urged users to avoid interacting with suspicious content and apologized for any confusion caused by the incident.
Despite the scammers’ efforts, the KSA token failed to gain traction, reaching a market cap of just $7,489, according to Pump.fun data. Analysts noted that the token contract was launched on-chain a week before its announcement, suggesting that the scheme was planned in advance but ultimately failed to attract significant investor funds.
Authorities have not yet commented on who may be behind the Saudi Law Conference hack, but the event raises further concerns over the growing trend of social media breaches being used to push cryptocurrency scams.
The scam comes just days after the Libra (LIBRA) memecoin controversy, in which Argentine President Javier Milei promoted a token that later collapsed 94%, following insider wallets cashing out $107 million. The incident fueled concerns over the rising number of political figure-linked memecoins and their potential to mislead retail investors.
The trend of political memecoins has surged in recent months, with the launch of Trump (TRUMP) and Melania (MELANIA) memecoins in January. However, both have underperformed the broader crypto market, with Trump’s token down 76% from its all-time high and Melania’s down 90%, according to TradingView data.
