Hong Kong Government Exposes Sophisticated Scam Promoting Fake Cryptocurrency

The Hong Kong government has warned about false online claims promoting the National Hong Kong Coin. An account impersonating Chief Executive John Lee Chiu posted these claims, misleading the public into believing the government would soon launch an official digital currency.

Authorities stress that this is a scam designed to deceive people into making fraudulent investments, urging residents to stay vigilant and verify information from official sources.

National Hong Kong Coin Scam Now Under Investigation

On March 6, the official Facebook page of Chief Executive John Lee Ka-Chiu confirmed that claims about the National Hong Kong Coin were deliberately deceptive and affirmed that the case had been referred to law enforcement for investigation.

Shortly after, a Hong Kong official known as Johnny Ng addressed the issue on X, revealing that numerous citizens and Web3 professionals had inquired about the legitimacy of the promoted coin on the Solana blockchain.

He dismissed these claims outright, affirming that the government was not involved in any such project.

How the Impersonator Behind the Fake Crypto Coin Operated

According to a local media report , the misinformation first surfaced on X in the early hours of March 6.

The fake account under the username “JohnLeeKa_Chiu” posted about the supposed launch of the National Hong Kong Coin and framed the coin as an innovation poised to transform Hong Kong’s digital economy.

Further analysis of the account’s activity revealed a pattern often used in crypto scams; it had spent months resharing content from official government sources, the Hong Kong police, and even U.S. President Donald Trump.

The impersonator’s account is now deactivated | Source: X

However, the deception was short-lived. Following official statements from Chief Executive John Lee and a Hong Kong government official, the impersonator’s account was deactivated.

Rising Crypto Scams: Fake Identities and Hacked Accounts on X

The use of fake identities and social media impersonation to promote fraudulent digital currencies has become increasingly common.

In early 2025, a meme coin called “$IVANKA” emerged, falsely associating itself with Ivanka Trump, the daughter of the U.S. president.

The project used her name and image without permission, drawing in investors before she publicly denounced any involvement and warned about the fake crypto coin.

Beyond impersonation tactics, scammers have also exploited hacked accounts to spread fake crypto coins.

Binance founder Changpeng “CZ” Zhao recently cautioned the crypto community about this growing trend. He pointed to a compromised X account called “Artists Voyage,” which had previously worked as a social media manager for Web3 firms.

After being hacked, the account suddenly began promoting new scam tokens while falsely claiming ties to Binance and Binance Labs.

The issue extends beyond individuals. On February 5, 2025, the official X account of Solana-based decentralized exchange (DEX) aggregator Jupiter was compromised and used to push a fake token called $MEOW, falsely linked to the platform’s co-founder.

Similar incidents have been reported, including a January attack where the account of Breaking Bad actor Dean Norris was hijacked to promote a fake meme coin called DEAN .

Hong Kong’s Crypto Vision Remains Strong Despite Fraud Attempts

Despite this latest impersonation attempt involving Chief Executive John Lee, Hong Kong remains committed to becoming a global crypto hub.

The city is now home to 10 licensed crypto trading platforms , with Bullish being the latest to secure regulatory approval from the Securities and Futures Commission (SFC).

Meanwhile, institutional adoption is on the rise. HK Asia Holdings Limited expanded its Bitcoin holdings in February, acquiring 7.88 BTC for approximately $761,705 . This purchase, approved by the firm’s board, increased its total Bitcoin assets to around 8.88 BTC.

Looking ahead, global crypto firms are eyeing Hong Kong for expansion. In March, Deribit, the world’s largest cryptocurrency derivatives exchange, reportedly began exploring opportunities to establish operations in the city.

As Hong Kong aims to be a top virtual asset hub, authorities work to balance innovation with consumer protection to prevent scams like the National Hong Kong Coin from eroding trust.

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