A fraudulent cryptocurrency, allegedly called the “National Hong Kong Coin,” is being promoted by an account impersonating Hong Kong’s Chief Executive, John Lee. The scam has led to a series of warnings from both local authorities and regulators urging traders not to fall for the fake coin.
On March 6, Johnny Ng, a Hong Kong lawmaker and vocal supporter of cryptocurrency, took to social media to warn the public about the imposter account, which had claimed the coin would be launched on the Solana blockchain. The account under the username “JohnLeeKa_Chiu” falsely announced that a new Solana-based token would become the “National Hong Kong Coin,” citing it as a breakthrough in the region’s digital innovation and economic development.
Ng quickly refuted the claims, emphasizing that the Hong Kong government had no involvement in the launch, labeling the coin as 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!” Ng wrote in his post.
The impersonator behind the account had initially posted on March 5, 2025, claiming the “Hong Kong Coin” would launch on March 6 at 3:00 AM Hong Kong time. However, the account later revised the launch time to 17:00 Hong Kong time, or 1:00 AM EST. Despite the changes, the coin’s official ticker, “HKONG,” was shared alongside the token’s contract address on the meme coin launchpad, Pump.fun.
By the scheduled launch time, the market cap of the token soared as high as $215,000. However, just minutes later, it dropped by more than 50%, with its market cap plummeting to $78,787. Notably, data from Pump.fun revealed that 80% of the tokens were controlled by a few top holders, signaling the likelihood of a rug pull, where early investors are left with worthless tokens once the promoters abandon the project.
Despite the warnings, the fraudulent account managed to attract a large audience, with the initial post about the “Hong Kong Coin” being viewed by over 162,000 accounts and shared 146 times. The impersonator account, which has been active since 2017 and earned a grey checkmark in 2019, seems to have leveraged its legitimacy to gain trust and promote the scam.
This scam highlights the growing concerns over fraudulent crypto schemes, especially as Hong Kong works to strengthen its position as a crypto hub in Asia. The region has been ramping up efforts to issue crypto licenses and push forward initiatives related to tokenization and stablecoins, further underlining the need for vigilance against scams within the space.
Authorities continue to advise caution to traders and urge them to verify any information before making investments in the volatile world of cryptocurrencies. As the Hong Kong government pushes forward with its crypto initiatives, the spotlight remains on the industry’s efforts to secure its growth while combating deceptive activities like this one.