Quick Facts:
- Hackers used the Saudi Law Conference’s account to promote fake “Official Saudi Arabia Memecoin” and “FALCON Memecoin.”
- The conference confirmed the breach on LinkedIn, stating that recovery efforts are in progress.
- The attack adds to a growing trend of meme coin scams exploiting political figures for market manipulation.
Pushing further, an ugly trend that has continued unabated in the Memecoin world recently, hackers seized control of the Saudi Law Conference’s X account, impersonating Crown Prince Mohammed bin Salman to promote fraudulent cryptocurrencies. The scammers shared contract addresses for two fake tokens, “Official Saudi Arabia Memecoin” and “FALCON Memecoin,” in posts that have since been deleted. Using the crown prince’s image and name, the attackers sought to exploit his influence to deceive investors into participating in a potential rug-pull scheme.
Saudi Law Conference Issues Statement on X Account Hack
The Saudi Law Conference addressed the security breach on LinkedIn, confirming that their official X account had been compromised. They clarified that the posts promoting fraudulent meme coins did not represent their views or official positions.
The organization stated that they were urgently working to regain control of the account and disclaimed responsibility for any unauthorized content posted during the incident. The full statement translated by CoinDesk is thus:
“We confirm that we are urgently working to regain control of the account and disclaim all responsibility for any unauthorized posts made during this period. We also apologize to our followers for any inconvenience this may cause and urge everyone to exercise caution and refrain from engaging with any suspicious content posted through the account until further notice.”
Memecoin Scams Targeting Political Figures on the Rise
The hack of the Saudi Law Conference’s X account, used to impersonate Crown Prince Mohammed bin Salman, is part of a broader trend of memecoin scams exploiting high-profile figures and platforms. The conference confirmed the breach on LinkedIn, warning followers against engaging with fraudulent posts.
In a separate incident, hackers took over the X account of former Malaysian Prime Minister Mahathir Mohamad, promoting a fake cryptocurrency called “MALAYSIA” on the Solana blockchain, which stole $1.7 million from investors before the post was deleted.
Additionally, the official X account of Jupiter, a Solana-based DEX aggregator, was compromised to promote a fraudulent meme coin called “$MEOW.” The misleading post prompted investors to rush into the scam, resulting in millions of dollars in losses before it was uncovered.
These incidents follow recent controversies, including the $LIBRA token collapse linked to Argentine President Javier Milei.
