In a surprising incident, the Hong Kong authorities has unveiled a classy crypto rip-off, involving a pretend social media account impersonating the town’s Chief Executive. The scammers used the account to advertise a pretend cryptocurrency referred to as “National Hong Kong Coin”, prompting a swift warning from the federal government.
Notably, the scammers introduced the launch of the fraudulent coin on Solana, garnering widespread consideration. However, Hong Kong Legislative Council member Ng Kit Chuang clarified that the federal government hasn’t issued the cryptocurrency.
Fake National Hong Kong Coin: What to Know
Earlier right this moment, a pretend X account impersonating Hong Kong’s Chief Executive John Lee Ka-chiu introduced the launch of the National Hong Kong Coin on Solana. In an try to legitimize the misleading declare, the scammers used {a photograph} of the Chief Executive. In addition, the scammers wrote on X, “This strategic step marks a new era in digital innovation and economic growth for Hong Kong”.
Subsequently, Legislative Council member Ng Kit Chuang has reassured the general public that the federal government has made no official announcement relating to the issuance of a cryptocurrency. He warned traders to be cautious and never fall sufferer to such scams, emphasizing the significance of verifying info via official channels earlier than making any funding selections.
Government Warns Against Fake National Hong Kong Coin
Following the scammers’ false announcement on the Hong Kong Coin, the federal government issued a warning. In an official assertion, the SAR authorities clarified that the Chief Executive’s account is pretend and the shared details about the crypto launch is totally false.
Legislative Council member Ng Kit Chuang’s clarification comes amidst rising considerations and queries from residents and Web3 business specialists a couple of pretend social media publish claiming the launch of the National Hong Kong Coin. The authorities has firmly debunked the claims as fraudulent, and Ng has urged the general public to stay cautious and vigilant.
The Rise of Government Crypto Scams
It is noteworthy that the pretend Hong Kong Coin incident is a part of a broader development of crypto scams that contain impersonating celebrities and authorities officers to dupe traders.
Recently, scammers promoted a pretend meme coin impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman. Scammers created a fake account, “SaudiLawConf”, to advertise a fraudulent crypto referred to as “Saudi Arabia Meme Coin”. However, the reliable Saudi Law Conference quickly found that their X account had been hacked and issued a warning concerning the crypto rip-off.
Similarly, the launch of Libra token, promoted by Argentinian President Javier Milei, has additionally created controversy. The token, which jumped by 3000% to an ATH of $4.5, quickly reached its low, when the pulled $87M price of LIBRA, leaving traders with vital losses.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of expertise in blockchain, web3, and fintech spheres. She has established herself as a educated and fascinating voice within the cryptocurrency and blockchain house. Her expertise as an Assistant Professor in English Language and Literature has additional added to her quest for crafting informative, well-researched, and accessible content material.
Disclaimer: The offered content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.
