A fake account on X impersonated Hong Kong CEO John Lee Ka-chiu, announcing the launch of a non-existent cryptocurrency, deceiving users and causing financial losses.
A fake X account (formerly Twitter), posing as Hong Kong CEO John Lee Ka-chiu, posted bogus information about the launch of the National Hong Kong Coin on 6 March 2025.
According to reports, a fake X account of the Chief Executive of the Hong Kong Special Administrative Region spread the news of the coin's launch. However, the official account linked to the Hong Kong Special Administrative Region denied this information.
The post claimed that the coin would be launched on Solana's blockchain, sparking excitement in the crypto community. The post, which has since been removed, stated:
"I am proud to announce the upcoming launch of the National Hong Kong Coin on Solana's blockchain. This strategic step marks a new era of digital innovation and economic growth for Hong Kong."
The same account, with 40,000 followers, posted information that the coin's launch would take place at 2pm Hong Kong time. Some crypto users called the post a 'strategic move towards innovation'.
However, shortly after the announcement, a verified account of John KC Lee issued a warning about the launch. The post warned users, urging them not to be fooled by this scam and to remain vigilant:
"Citizens should not be misled by false information claiming that the Chief Executive has announced the launch of the National Hong Kong Coin. Somebody on the Internet pretended to be the Chief Executive and announced the launch of the National Hong Kong Coin on the blockchain. I hereby solemnly clarify that such information is absolutely false and intentionally misleading. I strongly condemn the unscrupulous person who pretended to be me and spread false information.The incident has been reported to the police for further investigation. I urge members of the public to carefully check the authenticity of the information and be careful not to be misled."
The official website of the Hong Kong Special Administrative Region has no connection with that fake post on X. The contact information only shows the CEO's verified Facebook account.
Even a member of the Administrative Region's Legislative Council, Johnny NG, confirmed the news and warned users of the potential deception.
Despite the warnings, the coin's market capitalisation reached $200,000 after launch, according to Pump.fun.
In conclusion, this scam emerges amid a growing trend of celebrity-based cryptocurrencies. Examples include $TRUMP, $LIBRA, $MELANIA and others. These coins have been criticised for lacking real value and have suffered sharp declines since launch.
With celebrities such as Ronaldinho and Kanye West suggesting the launch of their own meme coins, market sentiment is increasingly unstable, with many seeing these initiatives as mere profit-making tools for the celebrities themselves. Bitwise's CIO believes the meme coin era will come to an end in the next six months due to ongoing scams and fraudulent activity.
Cryptocurrency detective ZachXBT stated that the crypto industry is too vulnerable to hacker attacks and may not be able to cope with them without regulatory intervention, which, however, could damage the entire industry.
Bybit announced the removal of 7 tokens from its platform as of 21 March 2025. This decision was made to ensure a secure trading environment that complies with the exchange's standards. Users are advised to manage their assets accordingly.
A fake X account (formerly Twitter), posing as Hong Kong CEO John Lee Ka-chiu, posted bogus information about the launch of the National Hong Kong Coin on 6 March 2025.
According to reports, a fake X account of the Chief Executive of the Hong Kong Special Administrative Region spread the news of the coin's launch. However, the official account linked to the Hong Kong Special Administrative Region denied this information.
The post claimed that the coin would be launched on Solana's blockchain, sparking excitement in the crypto community. The post, which has since been removed, stated:
The same account, with 40,000 followers, posted information that the coin's launch would take place at 2pm Hong Kong time. Some crypto users called the post a 'strategic move towards innovation'.
However, shortly after the announcement, a verified account of John KC Lee issued a warning about the launch. The post warned users, urging them not to be fooled by this scam and to remain vigilant:
The official website of the Hong Kong Special Administrative Region has no connection with that fake post on X. The contact information only shows the CEO's verified Facebook account.
Even a member of the Administrative Region's Legislative Council, Johnny NG, confirmed the news and warned users of the potential deception.
Despite the warnings, the coin's market capitalisation reached $200,000 after launch, according to Pump.fun.
In conclusion, this scam emerges amid a growing trend of celebrity-based cryptocurrencies. Examples include $TRUMP, $LIBRA, $MELANIA and others. These coins have been criticised for lacking real value and have suffered sharp declines since launch.
With celebrities such as Ronaldinho and Kanye West suggesting the launch of their own meme coins, market sentiment is increasingly unstable, with many seeing these initiatives as mere profit-making tools for the celebrities themselves. Bitwise's CIO believes the meme coin era will come to an end in the next six months due to ongoing scams and fraudulent activity.
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