Saudi Scammers Used Royal Family Name to Promote Tokens
Date: 2025-02-18 Author: Henry Casey Categories: CRYPTO PAYMENTS
The scam was based on a “pump and dump” scheme, whereby the asset is first hyped up and then dumped abruptly. As a result, after the funds were withdrawn from the liquidity pool, the KSA token lost 93.71% of its value, while FLCN lost 95.90%.
While no official data on the scale of the losses has been published, Dexscreener analysts note that the damage was likely limited. This is due to the fact that the scammers quickly deleted the posts, which is why the number of potential victims was small.
The team managing the Saudi Law Conference account said they are working to regain control of the page. Users are urged not to interact with suspicious content and to remain vigilant.
Earlier, Saudi Arabia announced its participation in the international mBridge project, aimed at developing cross-border payments and introducing central bank digital currencies.
