National Hong Kong Coin Launch: Another Crypto Scam Alert

National Hong Kong Coin Launch: Fake Crypto on Solana, Public Alerted

National Hong Kong Coin Launch: Yet Another Crypto Scam

National Hong Kong coin launch on the Solana blockchain has come as a fraud. The government issued a warning in the matter. The Hong Kong crypto coin launch announcement is fake. Legislative Council member Ng Kit Chuang clarified that no such crypto was issued by the government.

The recent crypto scam is no less than a shock for the government of Hong Kong and the crypto enthusiasts. It involved a fake social media account impersonating the Chief Executive of the city. Scammers appear to be promoting the fraudulent crypto token namely, “National Hong Kong Coin” using that account. The government went ahead to issue a warning against the scammers.

The National Hong Kong token could garner much attention as the launch announcement was made for Solana. Clarifications later came from Hong Kong’s Chuang.

National Hong Kong Coin: What You Need To Know About The Fake Token

The fake X account mentioned impersonated none other than the city’s chief executive John Lee Ka-chiu. The scammers even used the chief’s photograph to legitimize the deceptive claim. The words of the scammers were, “This strategic step marks a new era in digital innovation and economic growth for Hong Kong.” This necessitates the requirement of awareness and care when dealing in any new project that makes such claims. 

The Chief Executive hence warned investors to be cautious, not fall victim to such scams and verify information through official channels before making any investment decisions. He informed the public of no recent cryptocurrency issuance by the city government. In an official statement, the SAR government clarified that the Chief Executive’s account is fake and the shared information about the crypto launch is completely false.

Clarification Amidst Growing Concerns And Queries

Queries from citizens have been common these days, highlighting the need to be extra careful when dealing in cryptocurrencies. The concerns regarding this particular matter came from Web3 industry experts about a fake social media post. As a result, the government spent no time waiting to debunk the claims, and urged people to remain cautious as well as vigilant.

Government Crypto Scams On A Rise

The fake Hong Kong Coin incident is part of a broader trend of crypto scams. These scams involve impersonating celebrities and government officials to dupe investors.

As per recent crypto scam news, some scammers even went ahead promoting a fake meme coin impersonating none other than the Saudi Arabian Crown Prince Mohammad bin Salman. They created a fake account, “SaudiLawConf”, in order to promote a fraudulent crypto named “Saudi Arabia Meme Coin.” 

Consequently, the legitimate Saudi Law Conference discovered their X account’s hack and issued the required warning to the people.

Yet another wallet-related crypto scam unfolded when a crypto trader transferred 7M PYTH tokens worth $3.08M to a wrong deposit address. There had been a bigger scam earlier where a person lost $25 million in a wallet error.

The Libra scandal involving the Argentina President was recently making headlines. Argentinian President Javier Milie promoted the launch of Libra token. This also led to a controversy. Noteworthy, the crypto token jumped by 3000% and touched the ATH (all-time high) of $4.5. However, it soon reached its low as well causing huge losses for the investors.