Scammers have taken advantage of investor enthusiasm surrounding celebrity-backed tokens by impersonating Saudi Arabia's crown prince to launch a fake KSA memecoin. Investors were deceived into thinking they were engaging with a legitimate investment opportunity tied to the kingdom's esteemed figure.

Authorities have subsequently confirmed that the social media account used to promote the scam was hacked, further emphasizing the importance of cybersecurity and cautious investment practices in the constantly evolving cryptocurrency landscape.