On February 17, hackers breached the X account of Saudi Crown Prince Mohammed bin Salman and announced the launch of the country’s “official” meme coin, KSA. It was later revealed that the account actually belonged to the Saudi Legal Conference.

#PeckShieldAlert Our community member has reported that the @SaudiLawConf account appears to be hacked and is promoting #meme pic.twitter.com/UmC3vNtQIT
— PeckShieldAlert (@PeckShieldAlert) February 17, 2025

Officials confirmed the hack and denied any involvement in the project.

Doubts about KSA’s legitimacy surfaced immediately. The lack of technical details suggested no connection to Saudi Arabia’s government.

Another red flag for investors was that KSA’s smart contract was created on February 10—a full week before the announcement. The token was launched on Pump.fun using the Solana blockchain and reached a market cap of just $7,489.

The KSA “announcement” came amid a broader meme coin boom tied to political figures.

Previously, LIBRA, a token promoted by Argentine President Javier Milei, crashed by 94% after insiders drained liquidity.

Earlier, Bubblemaps revealed links between the LIBRA and MELANIA meme token teams.