Hong Kong Crypto Alert: Beware of Fraudulent Schemes Promoting Government-Backed Coins
by aria-crypto.com
March 6, 2025 at 16:36
Hong Kong Crypto Alert: Beware of Fraudulent Schemes Promoting Government-Backed Coins
The Hong Kong government has issued warnings against a sophisticated scam involving a fictitious cryptocurrency dubbed the National Hong Kong Coin, falsely advertised as government-supported. Impersonators used a fake social media account of Hong Kong's Chief Executive John Lee Chiu to circulate this misinformation, misleading public perceptions about an impending government crypto initiative. This scam was particularly aimed at tapping into the credibility associated with government backing to lure investors on the Solana blockchain. Authorities were quick to clarify that no such digital currency is being issued by the government and emphasized the deceptive nature of these claims. John Lee's official channels and other government representatives have engaged actively to debunk the scam and have referred the matter to law enforcement for further investigation. Such fraudulent activities underscore the critical importance of verifying cryptocurrency information through official or trusted sources. This incident coincides with global increases in crypto-related fraud, where imposters leverage social media platforms to exploit well-known names and entities. Hong Kong's commitment to becoming a secure and reputable hub for cryptocurrency activities includes rigorous enforcement of legal standards to counter such scams. Residents and investors are urged to maintain vigilance and report suspicious activities to combat the proliferation of these fraudulent schemes in the evolving digital currency landscape.
Read more
>> CoreWeave's Financial Missteps Amid Microsoft's Reduced Commitments
CoreWeave, a prominent artificial intelligence (AI) cloud computing provider that once engaged in crypto mining, has faced setbacks with Microsoft, affecting its market perception and financial stability. Share...
2 hours ago
>> Brazil's Méliuz Invests in Bitcoin, Ushering in a New Era for Corporate Treasury Management
Brazilian fintech Méliuz has pioneered the integration of Bitcoin into corporate treasury strategies among publicly traded companies in Brazil by allocating 10% of its cash reserves to Bitcoin. This move involv...
3 hours ago
>> Russia's Crypto Response: Bitcoin in Focus as Tether Blocks USDT in Russia Amidst Sanctions
In a dramatic development affecting the Russian cryptocurrency landscape, Tether, the leading stablecoin issuer, has frozen approximately $28 million in USDT tokens on the Russia-based crypto exchange Garantex....
4 hours ago
>> Binance and Coinbase Listings Could Catapult Pi Network's Visibility and Value
Pi Network has been the focus of increased attention due to speculation about potential listings on major cryptocurrency exchanges, Binance and Coinbase. With over 150 million downloads and 65 million active us...
>> UAE's Emirates NBD Boosts Crypto Accessibility with New Trading Service
Dubai's Emirates NBD, one of the largest banks in the region, has launched cryptocurrency trading through its Liv X app, making a significant move towards integrating crypto into mainstream banking in the UAE. ...
>> Ripple's $50M Commitment Boosts US Crypto Education Through NCA Initiative
Ripple has granted $50 million to initiate the National Cryptocurrency Association (NCA) in the United States, aiming to simplify and spread cryptocurrency knowledge. The NCA will focus on filling the education...
4 hours ago
>> South Korea's Upbit Boosts AI Altcoin, Leading to Market Surge
One AI-focused altcoin, Kaito (KAITO), has experienced a significant price increase after South Korea’s largest crypto exchange, Upbit, began trading support. Before the announcement, KAITO was trading at $1.49...
>> Japan's Crypto Landscape Set for Major Overhaul: ETFs and Tax Cuts on the Horizon
Japan is poised to significantly transform its cryptocurrency regulations as the ruling party proposes a new framework under the Financial Instruments and Exchange Act. This would enable the introduction of cry...
6 hours ago
>> South Korea and US Influence Reshape Global Bitcoin Strategy
South Korea's Democratic Party has announced plans to discuss incorporating Bitcoin into the country's foreign exchange reserves in response to the US's evolving crypto strategy under President Donald Trump. Th...
7 hours ago
All the latest crypto news in one place
Stay informed and up-to-date on the market's latest news with our Terminal's News Aggregator with curated news articles and analysis from over 50 sources, including the crypto's biggest publications.
Launch Terminal
