Hong Kong Warns Public About Fraudulent Cryptocurrency Scheme HKONG

Highlights:

• Authorities have flagged a fake account that posed as the Chief Executive and promoted a coin called National Hong Kong Coin.
• Hong Kong lawmaker Johnny Ng confirmed the government is not involved in the project and warned the public to avoid the scam.
• The SFC has also flagged another crypto scam called Linkbex, which claimed to be licensed.

A fake social media account impersonating Hong Kong Chief Executive John Lee has promoted a fraudulent cryptocurrency called “National Hong Kong Coin.” The account, using the name “JohnLeeKa_Chiu,” claimed that the government launched the token on the Solana blockchain. The post announced that trading would begin on March 6 at 14:00 Hong Kong time. However, the account later postponed the launch by three hours.

注意Scam ！香港沒有官方發幣！

有市民和Web3從業者向我查詢，有人冒充行政長官在X平台上發表會在Solana鏈上發Hong Kong Coin的帖文（launch of the National Hong Kong Coin）。政府已嚴正澄清，有關信息絕非事實、存心詐騙。請市民切記小心，不要誤導受詐騙！

！Attention: scams! Watch out for…

— Johnny Ng 吴杰庄 (@Johnny_nkc) March 6, 2025

The post described fake cryptocurrency as a major step toward digital innovation and economic growth. The announcement seemed credible because the scammer asked users to stay tuned for more details. The account shared the ticker of the coin as HKONG and the contract address of the said token at 30 minutes past the supposed launch time.

The HKONG was launched on the meme coin platform Pump.fun. The crypto community has noted that specific holders hold 80% of the tokens.

Hong Kong Government Warns Against HKONG

Hong Kong lawmaker Johnny Ng quickly responded to the false claims, warning traders about the scam. He confirmed that the government was not involved in the coin and clarified that it was a scam. Meanwhile, Ng appealed to the public to remain cautious and not to be misled by such scams. He stressed the need to check the information from reputable sources before making any investments.

The Hong Kong government also issued a clarification that the cryptocurrency announcement was false and that the account of the Chief Executive was fake. The authorities called on people to report any suspicious activity.

Just recently, fraudsters made a fake X account representing the Crown Prince of Saudi Arabia, Mohammed bin Salman. They used the account to advertise a scam called ‘Saudi Arabia Meme Coin.’ A similar case was Argentina’s President Javier Milei, who promoted the Libra token. The rug pull token later collapsed and left investors with losses.

Authorities Take Action as SFC Flags Another Crypto Scam

Authorities have also flagged another cryptocurrency-related scam involving an entity named Linkbex. Linkbex claimed to be affiliated with seven SFC-licensed entities before the Hong Kong Securities and Futures Commission (SFC) warned about the company. Linkbex investors reported that the platform locked their accounts because of an alleged SFC anti-money laundering investigation. However, the commission confirmed that these claims were false.

Hong Kong Securities and Futures Commission warns: Beware of Linkbex suspected of virtual asset fraud

On March 6, the Hong Kong Securities and Futures Commission reminded the public to be wary of Linkbex, an entity suspected of engaging in virtual asset fraud and falsely claim…

— Bpay News (@bpaynews) March 6, 2025

At the SFC’s request, the Hong Kong Police Force took action to block access to Linkbex’s website. The SFC added the platform to its Suspicious Virtual Asset Trading Platforms Alert List. The commission urged members of the public to refer to its website to access the official announcement.

The SFC also cautioned that online investment scams might involve various assets and that scammers might exploit multiple channels to entice investors. It urged the public to remain vigilant and not deal with unverified investment platforms.