Hong Kong Coin Scam Unveils Impersonation Tactics

An X (Twitter) account posing as the Chief Executive of Hong Kong, John Lee Ka-chiu, recently misled the public with an announcement regarding the launch of a National Hong Kong Coin.

Following the fraudulent claims, an official Facebook account linked to the Chief Executive's office quickly refuted the information.

Launch of National Hong Kong Coin: A Closer Look

The deceptive post claimed that this new coin would soon be available on the Solana blockchain, igniting curiosity within the crypto community.

“I am excited to announce the upcoming launch of the National Hong Kong Coin on the Solana blockchain. This pivotal moment signifies an era of digital innovation and growth for Hong Kong,” the impostor account tweeted.

Shortly thereafter, the same account notified its roughly 40,000 followers of the coin's official launch time set for 2:00 PM Hong Kong time. Many users on X commented on this as a progressive move toward economic and digital transformation.

However, mere hours later, a verified Facebook profile, associated with John KC Lee, issued a cautionary message regarding the bogus coin launch. It urged the public to remain alert and not to fall for the false news.

“There is a fake account online impersonating me, spreading rumors about the launch of the National Hong Kong Coin. I wish to clarify that this information is completely false and fraudulent. Those behind this deception will face serious repercussions. This matter has been reported to law enforcement for further examination. I advise the community to verify authenticity before believing such news,” the legitimate account stated.

A visit to the official website of the Chief Executive, shows that all official communications link back to the verified Facebook account of John KC Lee. Significantly, no references or links were associated with the suspicious X account.

Johnny Ng, a Legislative Council member, also confirmed the impersonation incident via his account on X, providing further warning about the fraudulent activities.

Despite these warnings, the fake coin's market cap briefly exceeded $200,000 but soon plummeted to just over $3,200, as data from Pump.fun revealed.

This incident is part of a concerning pattern of cryptocurrency fraud involving political figures. Scams like those associated with coins named TRUMP, CAR, and LIBRA have drawn criticism for their lack of utility and suffered steep value declines post-launch, fostering skepticism and caution among investors.

“We’ve seen enough damage from coins like $LIBRA and $CAR. It’s high time we focus on genuine blockchain utility rather than launching yet another meme coin,” noted a user on X.

The rise and fall of this alleged National Hong Kong Coin raises alarms about the persistent issues of crypto scams, particularly as imposters leverage high-profile individuals to deceive the public.