The world of cryptocurrencies is once again touched by a scandal. On February 17, 2025, the official SAUDI LAW Conference account on X was compromised by hackers. The latter used the platform to promote fraudulent same, allegedly associated with the Saudi government and Crown Prince Mohammed Ben Salmane.
Piracy targeted on Saudi accounts
Hackers have broadcast several tweets announcing the launch of cryptocurrencies allegedly supported by the Saudi government. Among these assets were the SAUDI Arabia same corner (KSA) and the Falcon same corner (FLCN).
The objective of the pirates was to deceive investors by making them believe in government legitimacy of these tokens.
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Although this scam may seem difficult to spot for users, they are more and more familiar with this type of hacking. Thus, many comments under the tweet quickly alerted to the presence of a scam.
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A rug sweater and colossal losses
As always, these fraudulent cryptocurrencies were quickly the subject of a Rug Pull, a scam where the creators remove all the funds, leaving investors with worthless tokens.
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According to Dexscreener data, KSA fell 93.71 % Shortly after its launch, while The FLCN lost 95.90 % of its value. Shortly after, its official website was deleted to limit the damage as much as possible.
The pirates had even planned To launch another cryptocurrency called “Official Saudi Arabia even Coin” at 3:00 pmbut the recovery of the account before this deadline has made it possible to avoid a new disaster.
After the discovery of this attack, the Saudi Law Conference published an official press release on Linkedin, indicating that their account had been hacked and that any content not reflecting their official position should be ignored. The organization has also confirmed actively to recover their account and called on Internet users to vigilance in the face of online fraud attempts.
🗞️ Argentina opens an investigation after the scandal of the same Libra
The same has become fertile land for scamsas evidenced by the Libra affair in Argentina, which caused mass losses after being promoted by President Javier Milei.
Cybercriminals often target public figures or recognized institutions In order to exploit their credibility and attract gullible investors. This phenomenon shows the importance of reinforced cybersecurity and increased vigilance on social networks, where cryptocurrencies are increasingly frequent.
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Source : Linkedin
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