- Hong Kong warns of crypto scam after fraudsters falsely announce the “National Hong Kong Coin” launch on Solana.
- Fake social media accounts exposed, used to impersonate Hong Kong’s Chief Executive and promote the fraudulent cryptocurrency.
- Crypto scams targeting officials rise, with similar cases involving Saudi and Argentine leaders used to mislead investors.
Hong Kong authorities have discovered a cryptocurrency scam involving a fake social media account, falsely announcing the launch of the “National Hong Kong Coin” on Solana. Officials confirmed the announcement and urged investors to verify information before making financial decisions, highlighting concerns over government identity theft.
Fake National Hong Kong Coin Announcement Sparks Concern
Significantly, the fraudsters revealed the introduction of the fake coin on Solana, attracting considerable attention. Nevertheless, Ng Kit Chuang, a member of the Hong Kong Legislative Council, clarified that the government has not released the cryptocurrency.
Earlier today, a fraudulent X account masquerading as Hong Kong’s Chief Executive John Lee Ka-chiu declared the introduction of the National Hong Kong Coin on Solana. To validate the misleading assertion, the fraudsters utilized an image of the Chief Executive. Furthermore, the fraudsters posted on X, “This strategic move signifies a new age in digital advancement and economic development for Hong Kong.”
Legislative Council member Ng Kit Chuang reassured the public that the government hasn’t made any official announcements about issuing a cryptocurrency. He urged investors to be cautious and not fall for scams, stressing the importance of verifying information through official channels before making any investment decisions.
Authorities Issue Official Warning
In response to the fraudsters’ deceptive claims about the Hong Kong Coin, authorities issued a warning. In an official announcement, the SAR government confirmed that the Chief Executive’s account is fraudulent and the information regarding the crypto launch is entirely untrue.
Legislative Council member Ng Kit Chuang’s explanation occurs amid increasing worries and questions from the public and Web3 industry specialists regarding a fraudulent social media post alleging the introduction of the National Hong Kong Coin. The government has firmly dismissed the allegations as fake, and Ng has urged the public to stay careful and alert
Broader Trend of Crypto Scams
It is important to highlight that the counterfeit Hong Kong Coin case is part of a wider pattern of cryptocurrency scams that entail mimicking celebrities and government representatives to deceive investors.
Not long ago, con artists advertised a fraudulent meme coin pretending to be Saudi Arabia’s Crown Prince Mohammed bin Salman. Fraudsters set up a counterfeit account, “SaudiLawConf”, to advertise a bogus cryptocurrency named “Saudi Arabia Meme Coin”.
Nonetheless, the official Saudi Law Conference quickly found out that their X account had been compromised and released an alert regarding the cryptocurrency fraud.
Likewise, the introduction of the Libra token, advocated by Argentinian President Javier Milei, has sparked debate. The token, which surged by 3000% to an all-time high of $4.5, quickly hit its low after pulling $87M in LIBRA, resulting in considerable losses for investors.
