Saudi Law Conference’s X Account Compromised in Fraudulent Meme Coin Scheme

The official X (formerly known as Twitter) account of the Saudi Law Conference fell victim to a coordinated cyberattack on Monday, where hackers hijacked the platform to promote fraudulent meme coins and mislead potential investors.

On 17 February, a fake account named SaudiLawConf falsely declared the launch of the "Official Saudi Arabia Meme Coin" in a now-deleted post.

Posing as Saudi Crown Prince Mohammed bin Salman, the scammers sought to exploit his image to lure investors into crypto scams, promoting tokens like the Saudi Arabia Meme Coin (KSA) and FALCON Meme Coin (FLCN) as government-endorsed initiatives. h

Despite their efforts, the community quickly became sceptical, with users warning others to avoid these tokens.

As anticipated, both KSA and FLCN were quickly rug-pulled, with KSA losing 93.71% of its value and FLCN dropping by 95.90%, according to Dexscreener data.

Additionally, the FLCN website was taken down.

The hackers even scheduled a further announcement for 15:00 UTC, but the account was recovered before the launch could occur, and all fraudulent tweets were removed.

Saudi Law Conference Acknowledges Breach

In the aftermath of the breach, the Saudi Law Conference released an official statement on LinkedIn, confirming that efforts are underway to restore the compromised account.

The organisation advised the public to remain vigilant and avoid interacting with any suspicious content, emphasizing the importance of caution during this incident.

The translated statement reads:

“The management of the conference announces that the official account of the Saudi Law Conference (@SaudiLawConf) has been exposed to a breach. Any content currently being posted from the account that does not reflect our views or official directions should be disregarded.”

Community Divided

The announcement of the "Official Saudi Arabia Meme Coin" has sparked mixed reactions within the community.

While some enthusiasts anticipated the token would disrupt the meme coin market, others raised concerns about its legitimacy, suspecting a potential crypto scam.

The launch, which followed closely after the introduction of Argentina’s Libra token, fuelled further uncertainty.

Crypto investigator PeckShieldAlert was quick to issue a warning, casting doubt on the announcement’s authenticity and suggesting that the Saudi Prince’s account may have been compromised.

TradeDucky also voiced caution, advising the community to be wary of a potential scam.

They noted the absence of any official government communication and a lack of tokenomics details as key red flags, heightening suspicions of fraudulent activity.

From Celeb Crypto Scams to State-Level Frauds: Hackers Diversify

The Saudi crypto scam follows the controversial launch of the Libra token, which initially soared to record highs before collapsing.

The token surged by 3,000%, reaching an all-time high of $4.50 after being promoted by Argentinian President Javier Milei.

However, it quickly plummeted when the team withdrew $87 million worth of LIBRA, leaving investors with substantial losses.

Adding to the concerns, a fraudulent Saudi token contract surfaced on 10 February via Pump.fun.

Fortunately, the token failed to attract significant interest, resulting in a market capitalisation of only $7,489.

Similarly, the CAR meme coin, backed by Central African Republic President Archange Touadéra, also faced allegations of a crypto scam.

Despite an initial surge, its value dropped by over 70%, with suspicions of a rug pull growing due to unclear tokenomics and a lack of transparency within the project.