Saudi Ministry of Finance warned about fraudsters using state symbols

The Saudi Ministry of Finance has issued a warning about a fraudulent cryptocurrency project that uses kingdom symbols to promote tokens.

It is reported that the ministry has discovered a Singapore-based company that uses official Saudi symbols to promote fraudulent tokens under the names CryptoRiyal and SmartRiyal. At the same time, fraudsters reported that the proceeds from the sale of tokens will go to finance the city of Neom, a project of a smart city and a tourist center, which is being built in the north of the kingdom.

Representatives of the Saudi Ministry of Finance emphasized that using the kingdom’s name, national fiat currency or their logos for cryptocurrency would lead to lawsuits by the authorities.

“These scammers are raising the price of their tokens. Inexperienced investors are in a hurry to buy these assets, the more they raise the rate. And then the creators of the project sell their stocks of tokens and get a lot of money, ”said cryptocurrency expert Assad Rizq.

The expert stressed that investors need to conduct a thorough study of the project in which they are going to invest. In addition, you need to familiarize yourself with the laws and regulatory practices in the country where the project is registered.

Read This Now: The expert told who Europe "threw" in the gas battle

Recently, the largest manufacturer of mining equipment Bitmain discovered that the company’s brand is used by scammers to promote the Mangocoin cryptocurrency (MNG).