Fake HK Chief Executive Account Launches Token

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An X account impersonating Hong Kong’s Chief Government, John Lee Ka-chiu, launched a pretend nationwide cryptocurrency on Solana’s token launchpad Pump.enjoyable. The account promoted the token to its hundreds of followers, seemingly aiming to capitalize on the current Political memecoin frenzy.

Hong Kong Gov’t Denies Nationwide Cryptocurrency

On Thursday, an X account beneath the username “JohnLeeKa_Chiu” introduced the “Nationwide Hong Kong Coin” (HKONG). Within the now-deleted submit, the Chief Government’s impersonator stated that the “strategic step” marked a “new period in digital innovation and financial progress for Hong Kong.”

A number of hours later, the account said that the token would formally launch at 2:00 pm Hong Kong time, but it surely was postponed to five:00 pm. Forward of the launch, the impersonator interacted with a number of X accounts, replying to US President Donald Trump and Indian Prime Minister Narendra Modi.

The account additionally replied to Barstool Sports activities founder Dave Portnoy’s heated trade with American actor Nick Cannon, who not too long ago launched a Solana memecoin. Within the submit, the impersonator thanked Portnoy for allegedly serving to the Hong Kong authorities “with launch of Hong Kong nationwide crypto foreign money.”

John Lee Ka-chiu impersonator replies to Dave Portnoy. Supply: Blake Allen on X

Some crypto traders mentioned whether or not the Chief Government had been hacked and if the announcement was a rip-off, because the X account displayed a grey verification mark, which signifies an account represents a authorities or multilateral group.

Nonetheless, John Lee Ka-chiu’s official Fb web page denied the hyperlinks to the X account and defined the federal government was not launching a cryptocurrency. “Members of the general public mustn’t mistakenly imagine the pretend data claiming that the Chief Government has introduced the launch of the Nationwide Hong Kong Coin,” the submit learn.

He clarified that somebody was pretending to be him to defraud unsuspected traders, warning them to “watch out in searching for proof and verifying the authenticity of the data to stop them from being cheated.”

Is The Political Memecoin Occasion Over?

On X, a member of the Legislative Council of the Hong Kong Particular Administrative Area, Johnny Ng, echoed the identical warning:

To be completely clear – the federal government has confirmed that is fully pretend and designed to rip-off individuals. Please watch out on the market and don’t fall for this trick!

This incident raised issues about X’s account verification and safety, because it follows an extended listing of hacked X accounts used to advertise crypto scams. One person identified that the impersonator seemingly hacked the account of Indian officers and adjusted the username, identify, and biography to conduct the scheme.

Notably, the account beforehand posted photos of the Prime Minister of India and reposted a number of posts from varied Indian officers. Furthermore, it deleted all posts associated to the Nationwide Hong Kong cryptocurrency and adjusted its username to “moftransilvania,” suggesting that the hackers stay in charge of the account.

Some customers additionally identified that the rip-off didn’t achieve momentum for the reason that hacker didn’t launch and submit the token’s contract handle (CA) shortly, which allowed traders to see the varied crimson flags. Consequently, the HKONG token solely hit a market capitalization of $200,000 earlier than collapsing.

Others highlighted that the launch of political or Politician-related memecoins has already finished “sufficient harm” to the crypto business, noting the Central African Republic (CAR) “experiment,” and the Argentina-linked Libra token (LIBRA) crash.

As reported by Bitcoinist, the Democratic Occasion of The US Home of Representatives has proposed the Trendy Emoluments and Malfeasance Enforcement (MEME) Act, aiming to ban federal officers from selling varied monetary property or taking part in conducts that would financially profit them from these property.

This transfer follows the launch of the TRUMP and MELANIA memecoins by the US Presidential Household, which has raised issues concerning the dangers of Politician-issued tokens.