Scammers impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman have launched a fraudulent cryptocurrency, capitalizing on the growing hype surrounding celebrity-backed memecoins. The so-called “Official” Saudi Arabia memecoin (KSA) emerged on February 17, promoted through a fake X (formerly Twitter) account, “SaudiLawConf.”
Red Flags and Impersonation Tactics
The first warning sign was the absence of any official government announcement or details regarding the token’s purpose and structure. The Saudi Law Conference, the legitimate entity behind the hacked X account, confirmed the breach via a February 17 LinkedIn post.
“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 post stated.
Growing Trend of Political Figure Memecoins
This scam follows the rapid collapse of another high-profile political memecoin. On February 15, reports surfaced that the LIBRA token, linked to Argentine President Javier Milei, lost over 94% of its value within hours. Insiders allegedly cashed out $107 million in liquidity, leading to a sharp price drop.
Investor Losses and Market Impact
Another key indicator of fraud was the early creation of the token contract. On February 10, a week before its public announcement, the KSA token was deployed on the Solana-based memecoin launchpad Pump.fun. Despite the fraudulent marketing efforts, the scam token struggled to attract investors, reaching only $7,489 in market capitalization.
This incident adds to the growing concern over the risks associated with politically-linked memecoins, which continue to cause substantial financial losses for unsuspecting investors.
Bitcoin (BTC) has broken out of a key technical pattern that has characterized its price movement over the past four years, and analysts predict this could set the stage for a significant price surge in the coming months.
The breakout came after Bitcoin surpassed the upper boundary of a “megaphone” or “broadening wedge” pattern, which typically signals a strong bullish move. This pattern is marked by a series of higher highs and lower lows, and when the price breaks through the upper trendline, it often leads to a parabolic rise. Bitcoin’s recent price action is seen by many as confirmation that the digital asset is poised for a significant upward trend.
Market analyst Gert van Lagen, who identified this pattern, now forecasts that Bitcoin could reach a price range between $270,000 and $300,000 by 2025. His analysis is supported by Elliott Wave Theory, which suggests that Bitcoin is currently in Wave (5), the final and typically most explosive phase of a bullish market. According to Lagen, this wave is likely to extend 1.618x to 2.0x the length of Wave (3), placing Bitcoin on track for substantial gains.
Moreover, comparisons to gold’s historical rise further bolster the bullish outlook for Bitcoin. Analyst apsk32 noted that Bitcoin has followed a trajectory similar to that of gold, a safe-haven asset, and could see its price soar as high as $400,000. Bitcoin’s growing adoption as a treasury asset by corporations, combined with institutional confidence in the cryptocurrency, further fuels this optimism.
Bitcoin’s role as a store of value is increasingly recognized, and many believe it could follow a similar path to gold, particularly as the U.S. government and other global institutions explore Bitcoin reserves. With influential investors and companies continuing to buy Bitcoin, its long-term value proposition looks stronger than ever, and the $270,000 to $300,000 target is seen as just the beginning.
Legislation around cryptocurrency in the United States is heating up, with several states introducing bills to regulate digital assets. The recent flurry of proposals aims to guide the incorporation of cryptocurrencies into state financial systems, with some even seeking to establish Bitcoin reserves.
North Carolina has taken the lead with a bill introduced in February that would allow the state treasurer to invest public funds in “qualified” digital assets, though the state would do so through exchange-traded products (ETPs) rather than directly purchasing crypto.
Speaker of the House Destin Hall, who championed the bill, emphasized that this move would position North Carolina as a leader in tech innovation. “This bill will position North Carolina as a leader in technological adoption & innovation,” Hall said. The bill has already passed its first reading and is being reviewed by the Committee on Commerce and Economic Development.
Michigan has also joined the movement, introducing a similar bill that would allow the creation of a state crypto reserve. The proposed legislation would permit the Michigan treasurer to allocate up to 10% of state investment funds to cryptocurrencies, either by purchasing crypto directly or through ETPs. It also includes provisions that would allow the treasurer to lend the crypto for further investment gains, provided it does not increase financial risk to the state.
Both of these bills reflect growing interest in cryptocurrency as an asset class within state governments, with proponents arguing that the inclusion of digital assets could make their states more competitive in the global economy. Some lawmakers are also taking inspiration from Texas, which has become a hub for crypto-friendly regulations.
This movement towards digital asset regulation is a direct response to the growing influence of the crypto industry in the U.S. As evidenced by the nearly $250 billion spent in 2024 to support pro-crypto candidates, cryptocurrencies are becoming a major political and financial topic in the country.
Coinbase CEO Brian Armstrong believes the U.S. is entering a transformative phase for cryptocurrency, calling it the “dawn of a new era for crypto.” He also forecasted that by 2030, as much as 10% of global GDP could be crypto-based.
“Up to 10% of global GDP could be running on crypto rails by the end of this decade,” Armstrong stated during Coinbase’s fourth-quarter 2024 earnings call on Feb. 13.
He likened today’s crypto adoption to the early 2000s when businesses had to adapt to the internet.
“Onchain is the new online,” he said.
If his prediction holds, it would mean more than $10 trillion worth of assets would be tokenized or onchain, given the World Bank’s estimate of over $100 trillion in global GDP.
Armstrong emphasized Coinbase’s role in this shift, telling investors:
“Coinbase is going to be the preferred partner to come in and build this for many of the companies out there.”
The company reported $2.3 billion in Q4 revenue, marking an 88% increase quarter-over-quarter.
He also highlighted the U.S.’s role in shaping crypto’s future, noting that “President Trump is moving fast to fulfill his promise of making the US the crypto capital of the planet.” Armstrong further pointed out that the U.S. now has its “most pro-crypto Congress,” which is advancing stablecoin and market structure legislation that could influence global adoption.
“Given the US leadership here, the rest of the world is taking notice and will be under pressure to embrace crypto adoption,” he said.
Meanwhile, Federal Reserve Governor Christopher Waller recently advocated for stablecoin regulations that would allow banks to issue dollar-pegged digital assets.
Looking ahead, Armstrong said Coinbase’s focus will be on “growing revenue with our existing products” while driving utility in emerging crypto sectors and building the foundation for long-term growth.
Asset management firm Franklin Templeton has established the “Franklin Solana Trust” in Delaware, signaling its intention to launch a spot Solana exchange-traded fund (ETF) in the United States. The trust was formed on February 10 by the CSC Delaware Trust Company, which has previously registered crypto trust products for other asset managers, including Bitwise.
To proceed with the ETF, Franklin Templeton must file a Form 19b-4 and a Form S-1 with the Securities and Exchange Commission (SEC). If approved, the Franklin Solana Trust would aim to track the price movements of Solana (SOL), currently the world’s fifth-largest cryptocurrency with a market capitalization of approximately $97 billion.
The filing did not specify which exchange would list the ETF. However, Franklin Templeton’s existing spot Bitcoin (BTC) and Ether (ETH) ETFs are both listed on the Cboe BZX exchange.
Franklin Templeton has previously expressed strong support for the Solana network, highlighting its resilience in overcoming “technological growing pains” and its demonstration of the potential of high-throughput, monolithic blockchain architectures.
Bloomberg ETF analysts James Seyffart and Eric Balchunas have estimated a 70% chance of an approved spot Solana ETF before the end of 2025. They noted that these odds increased significantly following President Donald Trump’s election victory in November.
On February 11, the SEC acknowledged Form 19b-4 filings for spot Solana ETFs submitted by 21Shares, Bitwise, Canary Capital, and VanEck. Earlier, on February 6, the SEC acknowledged Grayscale’s Solana filing, a noteworthy development given the agency’s previous rejections of similar applications under former Chair Gary Gensler.
Financial services firm JPMorgan has projected that an approved spot Solana ETF could attract between $3 billion and $6 billion in net assets within its first year. Analyst Eric Balchunas described this forecast as a “reasonable guess.”
As of now, Solana is trading at $198.5, reflecting a 1.5% decrease over the past 24 hours, according to CoinGecko data.
Bitcoin’s price sharply dropped around 2pm (GMT) on 11 February, amid growing fears of Donald Trump escalating his trade war and due to reports of Binance selling its BTC, Ether and Solana reserves.
The BTC price is still going down, and it is unclear how low it will drop before the market closes in the United States today.
Bitcoin’s price is influenced by a myriad of factors, ranging from fundamental economic principles to immediate geopolitical events. Understanding these elements is crucial for investors aiming to navigate the cryptocurrency’s inherent volatility.
Supply and Demand Dynamics
At its core, Bitcoin’s value is dictated by the basic economic principle of supply and demand. With a capped supply of 21 million coins, Bitcoin’s scarcity plays a pivotal role in its valuation. As more investors seek to acquire Bitcoin, especially during periods of heightened media attention or economic instability, the increased demand against a limited supply can drive prices upward. Conversely, reduced interest or significant sell-offs can exert downward pressure on the price.
Market Sentiment and Speculation
Investor perception significantly impacts Bitcoin’s market movements. Positive news, such as institutional adoption or favorable regulatory developments, can bolster confidence and elevate prices. On the other hand, negative events, including security breaches or adverse governmental policies, can lead to rapid declines. The speculative nature of the market means that traders often react swiftly to news, amplifying volatility.
Regulatory Environment
Governmental regulations and legal frameworks surrounding cryptocurrencies can either enhance or hinder Bitcoin’s growth. Announcements of stricter regulations or potential bans can deter investment, leading to price drops. Conversely, clarity and supportive policies can attract more participants to the market.
Technological Developments and Security
Advancements in blockchain technology, scalability solutions, or improvements in security protocols can enhance Bitcoin’s appeal, potentially driving prices higher. However, security breaches, such as exchange hacks or vulnerabilities in the protocol, can erode trust and result in sharp price declines.
Macroeconomic Factors
Broader economic conditions, including inflation rates, currency fluctuations, and geopolitical tensions, can influence Bitcoin’s price. For instance, during times of economic uncertainty, some investors view Bitcoin as a hedge against traditional financial systems, increasing its demand. Conversely, a strengthening U.S. dollar or rising interest rates can make traditional investments more attractive, potentially leading to a decrease in Bitcoin’s price.
Recent Decline: February 11, 2025
As of February 11, 2025, Bitcoin’s price experienced a decline, trading at approximately $96,899, down 1.24% from the previous close. This downturn can be attributed to several factors:
- Anticipation of Inflation Data: The market is awaiting the release of the January consumer price index report, which is expected to show a 2.9% increase in inflation from the previous year. Higher-than-expected inflation could deter the Federal Reserve from cutting interest rates, negatively impacting cryptocurrencies by increasing borrowing costs and making bonds more attractive to investors.
- Market Activity Levels: Recent analyses indicate that Bitcoin activity has hit a one-year low, marked by a sharp decline in the number of transactions. While a spike in demand from long-term holders may underpin the price, the decreased activity suggests a cautious market sentiment.
- Regulatory Concerns: Incidents such as the recent guilty plea of an individual involved in hacking the SEC’s social media account to manipulate Bitcoin’s price highlight ongoing security and regulatory challenges. Such events can undermine investor confidence and contribute to price volatility.
Elon Musk’s Department of Government Efficiency (DOGE) has reportedly achieved significant taxpayer savings, totaling $36.7 billion. This accomplishment has led industry leaders to advocate for enhanced transparency in government expenditures through the adoption of blockchain technology.
According to data from Doge-tracker, these savings represent approximately 1.8% of Musk’s ambitious objective to reduce U.S. government spending by up to $2 trillion. Musk detailed this vision during a January 9 interview with political strategist Mark Penn.
Brian Armstrong, co-founder and CEO of Coinbase, commended DOGE’s progress and emphasized the potential of blockchain to provide a transparent foundation for financial systems. He noted that decentralized blockchain ledgers allow for real-time public verification by anyone with internet access.
A blockchain-based treasury could introduce mandatory spending proposals, permitting transactions only if approved by a majority vote from the populace.
In collaboration with the U.S. Treasury, DOGE identified a significant loophole in government spending, amounting to an estimated $100 billion annually. These funds were directed to individuals lacking a Social Security number or temporary identity number, a practice deemed “extremely suspicious” by Musk. He highlighted that internal estimates suggest about half of this amount, approximately $50 billion per year, could be attributed to clear fraud. Musk described this situation as “utterly insane” and called for immediate action.
To address these issues, new criteria have been established for government payments. All transactions must now include a payment categorization code, which was often previously omitted, hindering audit processes. Additionally, each payment must provide a rationale, another detail frequently left blank in the past. Musk also advocated for more frequent updates to the “DO-NOT-PAY list of entities,” suggesting weekly or daily revisions instead of the current annual updates.
Jean Rausis, co-founder of decentralized finance platform Smardex, commented on the potential impact of Musk’s proposal to transition the U.S. Treasury to blockchain technology. He suggested that such a move could position the U.S. as a global leader in blockchain innovation. Rausis emphasized the importance of using a permissionless blockchain to ensure genuine transparency, cautioning that without this, the promised openness could be superficial. He also noted that embracing decentralized infrastructure could serve as a catalyst for merging traditional web2 and emerging web3 technologies.
Since the launch of the official DOGE website on January 21, the agency has achieved substantial savings for taxpayers in a relatively short period. DOGE’s initiatives are scheduled to conclude on July 4, 2026, aiming to establish a more efficient government with reduced bureaucracy. A comprehensive plan is expected to be unveiled on the 250th anniversary of the U.S. Declaration of Independence.
Renowned artist Kanye West, also known as Ye, recently disclosed that he declined a $2 million proposal to participate in a cryptocurrency scam. The scheme entailed him sharing a deceptive crypto promotion with his 32.6 million followers and later asserting that his account had been compromised.
In a February 7 post on X (formerly Twitter), West stated, “I was proposed 2 million dollars to scam my community. Those left of it. I said no and stopped working with their person who proposed it.”
He included a screenshot detailing the scam’s strategy, which involved an initial payment of $750,000 for posting the promotion and keeping it live for eight hours. Afterward, he was to claim his account was hacked, followed by a subsequent $1.25 million payout 16 hours later. The message highlighted that the company orchestrating this would defraud the public of tens of millions of dollars.
An hour later, West shared another screenshot of a private conversation where he inquired about a “crypto connect” name that wouldn’t require a middleman. The respondent mentioned Coinbase CEO Brian Armstrong and offered to obtain his contact information for West.
This revelation has prompted reactions from various crypto commentators. One suggested that West should consider utilizing cryptocurrency to sell his merchandise instead of launching a memecoin, noting, “Celebrity tokens generally bring a reckoning on retail.”
Another commentator predicted that West is unlikely to launch a token and might be generating buzz ahead of an upcoming album release, stating, “He is a master marketer.”
This incident follows a series of celebrity-related crypto ventures. Recently, Hailey Welch, known as the “Hawk Tuah” girl, broke her silence after nearly two months following the launch and subsequent crash of the HAWK memecoin. In an interview with podcaster FaZe Banks, Welch claimed she was misled by the project manager. The Hawk Tuah token had launched on December 4, 2024, rapidly reaching a market capitalization of over $490 million, only to plummet by over 91% to approximately $41 million the next day.
Additionally, former U.S. President Donald Trump introduced the Official Trump (TRUMP) memecoin just days before his inauguration in January. However, a day after its launch and initial growth, the memecoin’s value declined by 38% following the release of a separate memecoin by First Lady Melania Trump. Surveys indicated that many purchasers of these memecoins were first-time cryptocurrency investors.
Florida Republican Senator Joe Gruters has introduced a bill advocating for the state to invest a portion of its funds in Bitcoin and other digital assets as a hedge against inflation. The proposal aligns with a growing trend among U.S. states exploring cryptocurrency investments.
“The state should have access to tools such as Bitcoin to protect against inflation,” Gruters stated in the bill introduced to the Florida Senate on Feb. 7. He emphasized that inflation has significantly weakened the purchasing power of state-managed funds, making alternative investments necessary.
Institutional Bitcoin Adoption on the Rise
Gruters pointed to the growing acceptance of Bitcoin among major financial institutions as a key reason Florida should consider adding the digital asset to its investment strategy. He cited firms such as BlackRock, Fidelity, and Franklin Templeton, which have embraced Bitcoin as a “hedge against inflation” and recognized its rising value and increasing global acceptance.
To facilitate this, the bill proposes granting Florida’s chief financial officer, Jimmy Patronis, the authority to allocate Bitcoin investments across various state-managed funds, including the general reserve fund, the budget stabilization fund, and select agency trust funds.
However, the bill includes a safeguard to limit Bitcoin holdings in any account to a maximum of 10%. This threshold is notably higher than Wyoming’s recent proposal, which caps Bitcoin allocations at 3%.
The proposal follows a push from Patronis himself, who previously urged the Florida State Board of Administration to consider integrating Bitcoin into the state’s retirement fund investments. In an Oct. 29 letter, he highlighted Bitcoin’s potential to “diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes.”
A Growing Trend Among U.S. States
Florida’s move comes amid a broader wave of state-level interest in Bitcoin reserves. Just one day before Gruters’ bill was introduced, Kentucky became the 16th U.S. state to propose legislation aimed at establishing a Bitcoin reserve.
Kentucky State Representative Theodore Joseph Roberts introduced KY HB376 on Feb. 6, a bill that, if passed, would authorize the State Investment Commission to allocate up to 10% of excess state reserves into digital assets, including Bitcoin.
With multiple states now considering Bitcoin as part of their investment portfolios, the push for cryptocurrency adoption at the government level continues to gain traction. Whether Florida’s bill moves forward remains to be seen, but the discussion around digital assets in state funds is unlikely to slow down anytime soon.
Devine Protocol, a decentralized prediction market platform built on the SUI blockchain, is pleased to announce the launch of its highly anticipated $DEVI token presale starting February 6th, 2025.
Designed to leverage SUI’s rapid transaction speeds and low fees, Devine Protocol aims to reshape how users create, trade, and profit from real-world event forecasting.
A Glimpse into Devine Protocol’s Vision
At its core, Devine Protocol brings an innovative approach to prediction markets by giving users the power to propose and manage events. By staking 100,000 $DEVI, participants can create markets on topics ranging from sports and politics to finance and global trends.
The platform’s user-first model not only encourages market diversity but also rewards market creators with a share of trading fees, making it a potentially lucrative venture for early adopters.
$DEVI Presale: Key Details
Presale Start Date: February 6th, 2025
Presale Duration: 40 days
Token Allocation: 20% of the total 10 million $DEVI supply
Price: 1 SUI = 10 $DEVI
Minimum Buy: 50 SUI | Maximum Buy: 10,000 SUI
Token Distribution: Contributors receive their $DEVI 24 hours after the presale concludes
Why It Matters
Getting in at presale prices allows early supporters to secure tokens before public listings on leading SUI-based exchanges, including a planned listing on Cetus.
With the broader DeFi market on the upswing, securing $DEVI tokens early could prove advantageous—especially for those interested in staking and market creation on the upcoming mainnet in Q2 2025.
How to Join the Presale
Set Up a SUI Wallet: Download a wallet like SUI Wallet or Suiet, ensuring you securely backup your seed phrase.
Fund with SUI: Acquire SUI tokens from a reputable exchange and transfer them to your new wallet.
Access the Presale Page: Visit devineprotocol.com and follow the on-screen instructions to contribute.
Receive $DEVI: $DEVI tokens will be automatically airdropped once the presale ends—no extra steps required.
Community-Driven Future
Join the Telegram and Discord communities for real-time updates and exclusive opportunities such as the upcoming Ambassador Program.
The $DEVI token underpins Devine Protocol’s governance model, allowing holders to propose or vote on platform updates, fee adjustments, and new market features.
Future enhancements, including AI-driven analytics, are already on the roadmap, promising deeper insights and more accurate forecasts.
By staking $DEVI, users can take the driver’s seat and directly influence how the platform evolves.
Need help? Here’s a brief guide on how to join the presale.
Why You Shouldn’t Miss Out
With a strong focus on low fees, rapid transactions, and a token-based model that incentivizes community engagement, Devine Protocol stands poised to become a standout in SUI’s growing DeFi ecosystem.
Early presale participants gain not just token access, but also the potential to create, manage, and profit from markets once the mainnet goes live.
Looking to capitalize on the next wave of decentralized prediction markets? the $DEVI presale is an opportunity you wouldn’t won’t want to miss.
Stay Updated
Website: https://devineprotocol.com
X: https://x.com/devineprotocol
Telegram: https://t.me/devineprotocol