Hong Kong Government Unveils Sophisticated Crypto Scam Involving Fake Social Media Account Impersonating the City's Chief Executive

In a shocking incident, the Hong Kong government has unveiled a sophisticated crypto scam, involving a fake social media account impersonating the city's Chief Executive.

Hong Kong is warning investors about a crypto scam that saw someone impersonate the city’s Chief Executive to announce a fake national coin.

Hong Kong Legislators Warn Against National Hong Kong Coin Scam

On Wednesday, X (formerly Twitter) account ‘John Lee Ka-Chiu’ announced the launch of the National Hong Kong Coin on Solana. The scammers used a photograph of the Chief Executive in a bid to legitimize the deceptive claim.

The scammers wrote on X, “This strategic step marks a new era in digital innovation and economic growth for Hong Kong.”

However, Hong Kong Legislative Council member Ng Kit Chuang clarified that the government hasn’t issued the cryptocurrency.

“There has been no announcement by the government about the issuance of any cryptocurrency, and investors are advised to be cautious and verify information through official channels before making any investment decisions,” Chuang stated.

Hong Kong Government Warns Against Fake Chief Executive Account

Following the scammers’ false announcement on the Hong Kong Coin, the government issued a warning.

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.

"The government has not launched any cryptocurrency named 'National Hong Kong Coin' on Solana. Members of the public are advised to disregard any such rumors and to beware of investment scams," a government spokesperson said.

The statement further cautions citizens against clicking on suspicious links or downloading unidentified software.

Earlier today, reports of a fake social media post circulating on X, purportedly from Hong Kong's Chief Executive, John Lee Ka-chiu, announcing the launch of the National Hong Kong Coin on Solana, sparked concerns among citizens and Web3 industry experts.

The post, which has since been deleted, claimed that Hong Kong's government is entering a new era in digital innovation and economic growth with the launch of its own cryptocurrency.

However, in a swift response, Hong Kong Legislative Council member Ng Kit Chuang took to X to clear the air and warn investors against falling victim to such scams.

"Attention everyone! Please be aware of scammers impersonating the Chief Executive to announce the launch of a National Hong Kong Coin on Solana," Chuang wrote in his post.

He added, "There has been no announcement by the government about the issuance of any cryptocurrency, and investors are advised to be cautious and verify information through official channels before making any investment decisions."

The fake Hong Kong Coin incident comes amidst a broader trend of crypto scams that saw someone impersonating celebrities and government officials to dupe investors.

Recently, scammers promoted a fake meme coin impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman. Scammers created a fake account, ‘SaudiLawConf’, to promote a fraudulent crypto called “Saudi Arabia Meme Coin”. However, the legitimate Saudi Law Conference soon discovered that their X account had been hacked and issued a warning about the crypto scam.

Similarly, the launch of Libra token, promoted by Argentinian President Javier Milei, has also created controversy. The token, which jumped by 3000% to an ATH of $4.5, soon reached its low, when the pulled $87M worth of LIBRA, leaving investors with significant losses.