Fake Cryptocurrency Scheme Targets Hong Kong’s Chief Executive
A fraudulent X account posing as Hong Kong’s Chief Executive, John Lee Ka-chiu, has introduced a counterfeit national cryptocurrency on Solana’s token platform, Pump.fun. This account attempted to lure its extensive follower base by promoting the token amidst the recent political memecoin trend.
Hong Kong Government Refutes Cryptocurrency Claims
Recently, an X account with the handle “JohnLeeKa_Chiu” announced what it called the “National Hong Kong Coin” (HKONG). In a post that has since been removed, the impersonator falsely claimed that this “strategic step” signified a “new era in digital innovation and economic prosperity for Hong Kong.”
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The account initially scheduled the token’s official launch for 2:00 pm Hong Kong time, later postponing it to 5:00 pm. Prior to the launch, this impostor engaged with multiple X accounts, even responding to figures like former US President Donald Trump and Indian Prime Minister Narendra Modi. Additionally, the account interacted with Barstool Sports founder Dave Portnoy in a conversation involving American actor Nick Cannon, who had recently launched a Solana memecoin. The impersonator misleadingly thanked Portnoy for supposedly aiding in the launch of the Hong Kong national cryptocurrency.
Amidst this confusion, some cryptocurrency enthusiasts speculated whether the Chief Executive’s account had been compromised, questioning the legitimacy of the announcement. The X account displayed a gray verification mark, typically indicating a genuine government or multilateral organization account.
However, John Lee Ka-chiu’s official Facebook page promptly dismissed any association with the X account, emphasizing that the government was not involved in launching a cryptocurrency. The official statement stressed, “Members of the public should not mistakenly believe the fake information claiming that the Chief Executive has announced the launch of the National Hong Kong Coin.” It further clarified that an impersonator was attempting to deceive investors, urging them to “exercise caution, verify information, and avoid falling victim to scams.”
Is the Political Memecoin Craze Coming to an End?
Johnny Ng, a member of the Legislative Council of the Hong Kong Special Administrative Region, reiterated the warning on X:
“To be absolutely clear – the government has confirmed this is completely fake and designed to scam people. Please be careful out there and don’t fall for this trick!”
This incident has raised serious concerns about X’s account verification and security measures, joining a growing list of compromised X accounts used for promoting crypto scams. Observers noted that the impersonator likely hijacked an account belonging to Indian officials, altering its username, name, and biography to perpetrate the fraud.
Previously, the account had shared images of India’s Prime Minister and reposted content from various Indian officials. Subsequently, it deleted all posts related to the Hong Kong cryptocurrency and changed its username to “moftransilvania,” indicating that the hackers still controlled the account.
Some users pointed out that the scam failed to gain significant traction because the hacker did not promptly release and share the token’s contract address (CA), allowing potential investors to identify multiple red flags. Consequently, the HKONG token reached a market capitalization of only $200,000 before crashing.
Critics have noted that the emergence of political or politician-themed memecoins has already inflicted considerable harm on the cryptocurrency industry. Similar incidents include the Central African Republic’s (CAR) “experiment” and the Argentina-linked Libra token (LIBRA) collapse.
As reported by Bitcoinist, the Democratic Party of the US House of Representatives has introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, aiming to prevent federal officials from promoting or engaging in financial activities that could benefit them personally. This legislative move follows the launch of the TRUMP and MELANIA memecoins by the US Presidential Family, which has raised alarms about the potential risks associated with politician-issued tokens.
Meanwhile, Solana (SOL) is currently trading at $147.53, as seen in the one-week chart.
Source: SOLUSDT on TradingView. Featured Image from Unsplash.com, Chart from TradingView.com
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