Attention, digital currency traders! A bogus profile imitating Hong Kong’s top official is creating a buzz on X (previously known as Twitter), promoting a questionable “Hong Kong Coin” developed on the Solana network.
The Hong Kong Monetary Authority and other supervisory bodies are issuing warnings, advising all to avoid this swindle. Duncan Chiu, a participant of Hong Kong’s Legislative Council and a digital currency aficionado, has openly denounced the deceit.
The fraudulent profile, using the handle “JohnLeeKa_Chiu,” asserted that the “national Hong Kong coin” would be released on March 6th. They even disclosed the token’s symbol (HKONG) and contract location on Pump.fun, a platform for internet meme digital currencies.
Chiu stressed that the Hong Kong administration is not participating and that this entire matter is an obvious con. The profile, featuring more than 40,000 followers, initially stated the token would be issued at 2 PM Hong Kong time (1 AM EST), but subsequently postponed it to 5 PM. Since its beginning, the digital currency has already plummeted by more than 50%.
The bogus profile’s declaration? “This calculated action signifies a fresh period for Hong Kong in financial expansion and technological advancement. Keep watching for additional specifics as we mold the future of finance jointly.”
Chiu is prompting the community to exercise heightened vigilance and not succumb to these misleading plans. Bear in mind, if it seems excessively optimistic, it likely is! Toncoin (TON) Value Forecast for March 26th
Notwithstanding cautions from Hong Kong authorities regarding possible deception, a digital currency briefly rocketed to $215,000 preceding a plunge to $78,787, as per Pump.fun. Investors on X (previously Twitter) observed that a tiny cadre of owners held 80% of the tokens, sparking worries regarding a prospective “pump and dump” operation.
The initial dispatch citing this Hong Kong-based digital currency garnered considerable momentum, amassing over 162,000 views and 146 reposts. The profile that published it, which enlisted X in August 2017 and obtained a gray verification mark in 2019, further expanded its scope.
Hong Kong has been vigorously striving to cultivate its digital currency sector, endeavoring to become a digital asset center in Asia by granting more crypto permits and concentrating on projects linked to tokenization and stablecoins. This occurrence underscores the perils inherent in the swiftly transforming crypto market, even in areas with regulatory aspirations.
