Tag Archives: memecoin

Saudi crown prince impersonators launch fake Saudi Arabia memecoin

Saudi crown prince impersonators launch fake Saudi Arabia memecoin

Scammers impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman launched a fraudulent cryptocurrency, capitalizing on the retail frenzy around celebrity-backed memecoins.

Scammers impersonating the crown prince, who is also the prime minister of Saudi Arabia, launched the token to attract capital from unsuspecting investors.

The “Official” Saudi Arabia memecoin (KSA) was announced on Feb. 17, according to an X post by the account “SaudiLawConf,” a fake account impersonating the crown prince.

The first red flag from the token was the absence of any official government communication and a lack of details on the project’s tokenomics or underlying utility.

Shortly after the scam coin was launched, the original owners of the X account, the Saudi Law Conference, confirmed that their X account was hacked by impersonators, according to a Feb. 17 LinkedIn post, which stated:

“The conference management announces that the official conference account in the X platform (@Saudilawconf) has been hacked and that any content currently published through the account does not represent our opinions or official orientations in any way.”

The scam token’s launch came days after the rapid rise and fall of Argentine President Javier Milei-endorsed Libra (LIBRA) token, which lost over 94% of its value within hours after insider wallets cashed out $107 million worth of liquidity from the token, Contelegraph reported on Feb. 15.

To stay safe amid the current wave of memecoin scams, investors need to conduct more “due diligence” about a project’s backing and its tokenomics, according to Anndy Lian, author and intergovernmental blockchain expert. He told Cointelegraph:

“Don’t just throw your cash at something because it’s got a catchy name or claims to be ‘official.’ Check who’s behind the project. If the team is all mysterious or you can’t dig up any real info on them, that’s a red flag waving right in your face.”

“Transparency is key; if they won’t show their faces, they might just be looking to run with your money,” he added.

Memecoins backed by political figures lead to multi-million investor losses

Another significant red flag for investors was that the token contract for the fake Saudi Arabia memecoin was launched onchain on Feb. 10, a week ahead of the announcement, on Solana-based memecoin launchpad Pump.fun.

However, the token failed to attract investor capital, amassing only $7,489 worth of market capitalization since it launched, Pump.fun data shows.

Retail investor appetite for celebrity-endorsed memecoins has been boosted since US President Donald Trump launched his Official Trump (TRUMP) memecoin on Jan. 18, followed by First Lady Melania Trump’s Melania Meme (MELANIA) token on Jan. 19.

However, these tokens have underperformed the wider cryptocurrency market so far.

The Trump token is currently down over 76% from its all-time high, while the Melania coin is down over 90%, TradingView data shows.

The Javier Milei-endorsed Libra coin is also down over 92% from its peak price of $4.56 recorded on Feb. 15, shortly before insider wallets caused a $4 billion meltdown for the coin, Dexscreener data shows.

 

Source: https://cointelegraph.com/news/saudi-prince-impersonators-launch-fake-saudi-arabia-memecoin

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Crypto ‘sniper’ makes $28M on CZ-inspired Broccoli memecoin

Crypto ‘sniper’ makes $28M on CZ-inspired Broccoli memecoin

A savvy cryptocurrency trader made almost $28 million in profit after buying the latest memecoins inspired by a Binance co-founder.

Changpeng “CZ” Zhao, co-founder and former CEO of Binance, revealed his dog’s name, “Broccoli,” on Feb. 13, sparking a wave of memecoins named after the Belgian Malinois.

Broccoli memecoins quickly took up residence on popular memecoin launch platforms, including Solana’s Pump.fun, where there are now at least 480 Broccoli-themed coins, and BNB Smart Chain’s Four.Meme, with at least 300 CZ-dog-themed coins.

An unknown crypto trader capitalized on the social media hype after Zhao’s announcement and bought almost every memecoin named Broccoli, wrote crypto intelligence firm Lookonchain, in a Feb. 14 X post, adding:

“A sniper made $27.8M by sniping the memecoin named after CZ’s dog (Broccoli)!”

“After CZ announced the name of his dog, this sniper sniped almost every meme coin named Broccoli. Then he distributed Broccoli to multiple wallets for selling using disperse […] In the end, this sniper earned a total of 27.8M $USDT,” added the post.

In industry slang, “sniping” refers to traders looking to capitalize on short-term or intraday opportunities, using technical indicators to find quick trading opportunities.

Despite their intrinsic lack of utility, memecoins have made millionaires among crypto traders.

In May 2024, another unknown trader capitalized on Pepe’s price gains, netting over $46 million worth of profit after generating an eye-watering 15,718-fold return on his initial $3,000 investment.

$28 million memecoin profit raises insider trading allegations

The $28 million profit raised some insider trading allegations among the crypto community.

Some of the traders’ wallet addresses are associated with the developers of some Broccoli memecoins, wrote pseudonymous crypto trader DoctorDeFi in a Feb. 13 X post, adding:

“For context, this is not a sniper but Broccoli dev. In total, he made >$50M.”

The thread showed three more crypto wallets potentially related to the Broccoli trader. The wallets had a combined value of over $34.2 million worth of stablecoins.

The Broccoli-themed memecoins saw widespread attention despite CZ stressing that he was not launching a memecoin of his own, adding that it’s “up to the community to do that (or not).”

Trump family memecoins spark investor hype, regulatory concerns

Investor excitement for memecoins has been increasing since President Donald Trump launched the Official Trump (TRUMP) memecoin on Jan. 18 and the Official Melania (MELANIA) token on Jan. 19 on the Solana network, ahead of his inauguration on Jan. 20.

However, industry watchers are concerned that the Trump family’s memecoins may invite more industry scrutiny from the Securities and Exchange Commission (SEC).

The presidential memecoin launch sets a “precedent that could blur the lines between celebrity, politics and finance,” according to Anndy Lian, author and intergovernmental blockchain expert.

This may challenge the SEC’s approach to crypto regulation in 2025, Lian told Cointelegraph:

“The question now is whether the SEC will tighten regulations to curb potential market manipulations or if they will adapt to this new reality by establishing clearer guidelines for such tokens.”

 

Source: https://cointelegraph.com/news/crypto-sniper-makes-28-m-cz-broccoli-memecoin

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Elon Musk’s father targets $200M with new memecoin

Elon Musk’s father targets $200M with new memecoin

Errol Musk, the father of entrepreneur Elon Musk, revealed his intentions to enter the memecoin market, hoping to raise $200 million to support the Musk Institute, a for-profit think tank. His memecoin, dubbed Musk It (MUSKIT), quietly debuted on December 12, 2024, through a Middle Eastern cryptocurrency company but has since struggled to gain momentum.

The launch of MUSKIT comes on the heels of a resurgence in retail investor interest in celebrity-associated memecoins. This trend was recently highlighted by the introduction of the Official Trump (TRUMP) memecoin on January 18 and the Official Melania (MELANIA) token on January 19, both on the Solana network. These tokens have sparked renewed enthusiasm for memecoins among retail investors.

However, the Musk It token has not experienced similar success, with its value plummeting by over 52% since its launch. As of this morning, the token’s price stood at $0.02, with a market capitalization of $25 million, according to data from CoinMarketCap.

Errol Musk has made it clear that his son, Elon Musk, is not involved with the Musk It memecoin project. Despite the family name’s influence, the absence of Elon Musk’s direct support could limit the token’s potential for success. Anndy Lian, an author and intergovernmental blockchain expert, expressed skepticism regarding the memecoin’s prospects, suggesting that Elon Musk’s personal endorsement is a key driver for excitement in such projects.

The broader memecoin market remains a speculative space, with investors often attracted to the possibility of high returns. Memecoins are sometimes described as “lottery tickets of the digital world,” offering the chance of significant gains but also carrying the risk of substantial losses due to their inherent lack of utility.

While the Musk It token faces challenges, the memecoin market has seen instances of remarkable trading success. For example, one trader turned a $27 investment into $52 million during the Pepe memecoin rally, holding the investment for over 600 days. In another instance, a trader achieved a staggering 1,500-fold return on investment in just 10 hours with the Hyperfy (HYPER) metaverse token, turning $2,000 into $3.2 million on January 6.

 

Source: https://www.investing.com/news/cryptocurrency-news/elon-musks-father-targets-200m-with-new-memecoin-93CH-3841862

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j