Scammers launched a fake meme coin of Saudi Arabia using a hacked account, resulting in financial losses for investors and confirming the risks of cryptocurrency schemes

Scammers launched a fake meme coin of Saudi Arabia (KSA) by exploiting the trend of politically supported cryptocurrencies. The scam was uncovered through a hacked account on X, which falsely represented the Saudi Arabian crown prince. Problems with the project became evident due to the lack of official information, transparency, and clear data on tokenomics and governance structure. This incident highlights the growing issue of scams with meme coins tied to political figures, leading to significant financial losses for investors.