Scammers Tricked Investors with a Fake Saudi Meme Coin

Scammers took over the “SaudiLawConf” account, a legal conference’s official page, and modified it to resemble an authentic Saudi government profile. The deception was thinly veiled—the account had a gold verification badge, but not the official gray checkmark for state entities.

The post contained only a smart contract address and the token’s name, with no explanation, utility, or tokenomics—pure bait for unsuspecting investors. Saudi authorities, unsurprisingly, didn’t acknowledge or validate the so-called “official” token.

The fraudulent post remained online until the real account holders regained control, erased the scam, and issued a security warning via LinkedIn.

The conference management announces that the official conference account in the X platform has been hacked and that any content currently published through the account does not represent our opinions or official orientations in any way,

the claim reads.

Interestingly, the KSA token wasn’t created on a whim—it had been sitting on Pump․fun for an entire week before scammers made their move. Yet, even with time on its side, the token failed to gain momentum, reaching a pitiful $7,489 market cap. The reason? A mix of blatant fraud and the fact that the hijacked account didn’t have enough influence to attract buyers.

The Fake Token Epidemic

The wave of crypto-related scams is far from slowing down. Fraudsters have perfected the art of exploiting hacked social media accounts, using the names of influential figures to push fake tokens. With scam tactics becoming more sophisticated, investors must thoroughly fact-check, scrutinize smart contracts, and verify legitimacy before jumping into any project. No account is immune to compromise—even the most trusted ones.

Don’t just throw your cash at something because it’s got a catchy name or claims to be ‘official.’ Check who’s behind the project. If the team is all mysterious or you can’t dig up any real info on them, that’s a red flag waving right in your face. Transparency is key; if they won’t show their faces, they might just be looking to run with your money,

Anndy Lian, author and intergovernmental blockchain expert, remarks.

Crypto scammers are stepping up their game—now, they don’t even need hacked accounts to push fake tokens. Instead, they’re tricking influential people into promoting them.

Just ask Argentine President Javier Milei, who unknowingly hyped up the fraudulent LIBRA token. It didn’t take long for the price to crash by 95%, as insiders pocketed $107 million in liquidity. The moral of the story? Sometimes, a well-placed lie is just as effective as a stolen password.