Fake 'KSA' Crypto Coin Exploits Crown Prince's Reputation, Scammers Fleece Investors
A counterfeit 'coinbase' crypto coin, dubbed the 'Official Saudi Arabia meme coin (KSA)', has surfaced, causing concern. The scam 'coinbase' was promoted through a compromised social media account, impersonating the crown prince. The fake 'coinbase''s smart contract went live a week before its public reveal on February 10 via Pump.fun, a Solana-based platform. The launch announcement provided no details on tokenomics or intended use, and there were no official government endorsements. The Saudi Law Conference, owners of the compromised account, distanced themselves from the scam, stating it didn't reflect their official views. Scammers exploited the crown prince's reputation to lend legitimacy to the scheme, a common tactic in crypto frauds. The 'coinbase' token's debut follows a similar collapse to Argentina President Javier Milei's backing of the $LIBRA token, which lost over 94% of its value after insiders withdrew $107 million. The counterfeit Saudi crypto 'coinbase', 'KSA', has been exposed as a scam. Authorities should investigate the unauthorized access to the Saudi Law Conference's account and the lack of official endorsements for the fake 'coinbase'. Meanwhile, investors are urged to be cautious of unsupported crypto projects, especially those leveraging high-profile figures' reputations.
