- Hackers exploited the Saudi Law Conference’s X account to fake a royal endorsement and promote fraudulent memecoins.
- Crypto scams targeting high-profile figures are increasing, highlighting the need for extreme vigilance in the market.
Following the BitConnect fraud case, in which India seized $190 million in crypto, a recent CNF update highlights another concerning development: hackers compromised the official X account of the Saudi Law Conference, impersonating Crown Prince Mohammed bin Salman to promote fraudulent cryptocurrencies.
The attackers used the platform to advertise an “Official Saudi Arabia Memecoin” and a “FALCON Memecoin,”providing contract addresses to lure unsuspecting investors. A concerned member of the crypto community quickly alerted the public, stating:
It should be obvious, but in case it’s not: the SaudiLawConf Twitter has been hacked and repurposed, as confirmed on their Insta. There is no official Saudi coin.
Unauthorized Promotion of Fraudulent Memecoins
Initially, the breach led to a series of deceptive posts featuring the Crown Prince’s name and image, falsely suggesting his endorsement of scam tokens. These posts were designed to create an illusion of legitimacy, tricking individuals into investing in fraudulent cryptocurrencies.
The Saudi Law Conference swiftly addressed the situation on LinkedIn, confirming that their X account had been hacked and that any content published during the breach did not represent their views or official positions. They urged followers to exercise caution and avoid engaging with suspicious content until the issue was resolved.
A Growing Trend of Crypto Scams
This incident is part of a larger trend of cryptocurrency scams exploiting high-profile figures and events to deceive the public.
Notably, Argentine President Javier Milei recently faced legal scrutiny after promoting a memecoin called $LIBRA, which collapsed rapidly, causing significant investor losses and allegations of fraud. These events highlight the critical need for vigilance and due diligence in the crypto space.
Protecting Yourself from Crypto Scams
Finally, in order to avoid crypto scams, To avoid crypto scams, verify endorsements and research projects thoroughly. Previously, CNF reported on Trump’s Crypto Initiative, now rebranded as ‘World Liberty Financial,’ alerting the community to fake tokens and scams.
Always check official sources, as scammers often use hacked accounts and fake endorsements to promote fraudulent tokens. If an opportunity seems too good to be true, it likely is.
At the time of writing, the cryptocurrency market remains volatile, with Bitcoin trading at approximately $96,102. Investors are advised to stay informed and exercise caution in this rapidly evolving landscape. See BTC price chart below.
