A major cryptocurrency investment scam in Kuwait has left investors shocked and resulted in losses of approximately $130 million. The scam involved a memecoin based on Solana that was promoted on various platforms, with over 2,900 investors purchasing the token at different prices. The token's value quickly plummeted, trading at just 1% of its initial price. The anonymous creators of the token disappeared with the invested funds, targeting inexperienced traders with the promise of high returns and referral bonuses. The lack of regulatory framework and weak enforcement in Kuwait allowed the scam to occur. Dr. Safaa Zaman, a professor of Computer Science and president of the Kuwait Society for Information Security, exposed the scheme and called for the government to implement legislation on digital assets and prosecute those involved in the scam. Dr. Zaman also criticized media outlets for promoting the industry without educating individuals about the risks.



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