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

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

Representatives of the Ministry of Finance of Saudi Arabia stressed that the use of the name of the kingdom, the national fiat currency or their logos for cryptocurrency will lead to legal actions by the authorities.

“These scammers are raising the price of their tokens. Inexperienced investors rush to buy these assets, which further raises the exchange 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 money. In addition, it is necessary to familiarize yourself with the laws and regulatory practices in the country where the project is registered.

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