Scammers are taking advantage of the rise in celebrity-backed cryptocurrencies. They launched a fake meme coin called “KSA.” This coin claims a link to Saudi Arabia’s Crown Prince Mohammed bin Salman. A hacked account called “SaudiLawConf” claimed to represent the crown prince. It announced the token on February 17.

Soon after the token launched, the real owners of the X account for the Saudi Law Conference reported that a hacker gained access to their account.

The conference management said hackers took over the official account on X (@Saudilawconf). This information came from a LinkedIn post. Content posted from this account does not reflect our views or official positions.

The KSA meme coin has several red flags. First, there’s no official word from the government. Second, there’s little info about its tokenomics and utility. Despite the buzz around celebrity-endorsed tokens, the scam coin has attracted few investors. Since its launch, it has only reached a market cap of $7,489.

The Libra (LIBRA) token, backed by Argentine President Javier Milei, recently faced trouble. Its value dropped more than 94 percent soon after launching. Analysts tell potential investors to be careful. They should also do thorough research before investing in new projects. Anndy Lian, a blockchain expert, stressed the need for transparency. He said, “Check who’s behind the project.”  That’s a red flag if the team is all mysterious or you can’t find any real information about them.