Scammers impersonating Saudi Crown Prince Mohammed bin Salman have launched a fake cryptocurrency, exploiting the growing hype around celebrity-backed memecoins. The fraudulent token, dubbed the "Official" Saudi Arabia memecoin (KSA), was promoted on Feb. 17 through an X account impersonating the prince.

The red flags were immediate: no official government statements, no clear tokenomics, and no utility behind the coin. Soon after the token’s release, the original owners of the X account, the Saudi Law Conference, confirmed that their account had been hacked. In a LinkedIn post on Feb. 17, they clarified that any content currently posted did not reflect their views or official positions.

This scam comes on the heels of the Argentine President Javier Milei-endorsed Libra (LIBRA) token debacle. The LIBRA token lost over 94% of its value in hours after insider wallets siphoned $107 million in liquidity, causing a massive crash. The growing trend of politically linked memecoins has resulted in millions of dollars in investor losses.

Blockchain expert Anndy Lian warns investors to be cautious when dealing with memecoins claiming to have official backing. He emphasizes the importance of verifying a project’s legitimacy, stating that a lack of transparency is a major red flag. "If the team is hiding or won’t disclose their identities, they might just be looking to run with your money," he cautioned.

Despite its deceptive promotion, the fake Saudi memecoin failed to gain traction, collecting only $7,489 in market capitalization. Investors continue to chase high-profile memecoins, but recent failures—including Trump and Melania Trump’s official tokens, which have dropped over 76% and 90%, respectively—serve as a stark warning. The memecoin frenzy remains a risky game, often leading to financial losses for unsuspecting buyers.