A Solana-based ‘Hong Kong coin’ is being promoted by an X account impersonating as the Chief Executive of Hong Kong. Authorities and regulators have warned traders not to get scammed by the fake coin.
On March 6, Hong Kong lawmaker and active crypto supporter Johnny Ng warned traders that an account impersonating the Hong Kong Chief Executive John Lee was promoting a Solana (SOL)-based coin claimed to be the region’s “National Hong Kong coin.”
Ng confirmed that the coin was false and that the Hong Kong government is not involved in the launch at all, labeling it a scam.
“The government has made it clear that this information is absolutely false and is intended to deceive. Citizens are reminded to be cautious and not to be misled by such scams!” said Ng in his recent post.
The account Ng was referring to boasts the username “JohnLeeKa_Chiu.” The impersonator posted about the launch of what it claimed was going to be the “National Hong Kong coin” March 6 at 3:00 AM Hong Kong time. He said the token would be available to trade on the Solana blockchain.
“This strategic step marks a new era in digital innovation and economic growth for Hong Kong. Stay tuned for further details as we prepare to transform the future of finance,” wrote the account.
The account told its 40,400 followers that the Solana-based token would be launched on March 6 at 14:00 Hong Kong time or 1:00 AM EST, however it later said the launch will be postponed for three hours to 17:00 Hong Kong time.
At press time, 30 minutes past the scheduled launch time for the fake coin, the account has shared the ticker for the “Hong Kong meme coin” as HKONG alongside the address which has been launched on meme coin launchpad Pump.fun.
So far, the coin has been down more than 50% since its launch. Despite the scam warnings from Hong Kong authorities, the coin’s market cap soared as high as $215,000, but has since plummeted to $78,787, according to data on Pump.fun. Traders on X noted that 80% of the tokens are held by top holders, indicating the beginnings of a rug pull.
The first post mentioning the Hong Kong coin has been viewed by more than 162,000 accounts and reposted 146 times. The account itself joined X on August 2017 and received the grey checkmark in 2019.
Hong Kong has been making strides to advance its crypto sector, aiming to become an Asian hub for digital assets by issuing more crypto licenses and prioritizing initiatives linked to tokenization and stablecoins.
