tl;dr
The official X (formerly Twitter) account of the Saudi Law Conference was compromised in a coordinated cyberattack. Hackers used the platform to promote fraudulent meme coins, falsely associating them with the Saudi government. The community expressed skepticism, and both tokens were rug-pulled shor...
Saudi Law Conference's official X account hacked to promote fraudulent meme coins
Scammers impersonated Saudi Arabia's Crown Prince to promote fake cryptocurrencies
Community skepticism and subsequent collapse of fraudulent meme coins
Recovery of hacked account and official statement from the Saudi Law Conference
Connection to previous similar hacking incidents and warning about high-risk investments
The official X (formerly Twitter) account of the Saudi Law Conference was compromised in a coordinated cyberattack. Hackers used the platform to promote fraudulent meme coins, falsely associating them with the Saudi government. The community expressed skepticism, and both tokens were rug-pulled shortly after launch. The account was recovered before the scheduled launch of another coin, and the Saudi Law Conference issued an official statement via LinkedIn. This incident follows a series of similar attacks on prominent figures promoting fake meme coins.
On February 17, scammers impersonated Saudi Arabia’s Crown Prince and Prime Minister, HRH Mohammed bin Salman. They posted multiple tweets advertising newly launched cryptocurrencies, falsely associating them with the Saudi government. The tokens included the Saudi Arabia Meme coin (KSA) and the FALCON Meme coin (FLCN).
Nonetheless, the community remained skeptical of the project. “There have been countless scams under official government names, and this will be another one,” posted one user. Users also warned others to stay away from the meme coins. Both tokens were rug-pulled shortly after launch, with KSA plummeting by 93.71% and FLCN depreciating by 95.90%. Additionally, the official website for FLCN was taken down.
The hackers also announced the launch of the “Official Saudi Arabia Meme coin” at 15:00 UTC. However, the account was recovered before the scheduled launch, and all fraudulent tweets were removed. Following the incident, the Saudi Law Conference issued an official statement via LinkedIn, confirming the breach and urging caution.
This comes in the wake of similar hacking incidents targeting prominent individuals to promote fraudulent meme coins. The trend underscores the high-risk nature of investments in the cryptocurrency space.