An X account impersonating Hong Kong’s Chief Executive, John Lee Ka-chiu, recently sparked controversy by announcing a fake national cryptocurrency on Solana’s token launchpad Pump.fun. This action seemed to aim at capitalizing on the recent political memecoin frenzy, raising questions about account verification and security on social media platforms.
Hong Kong Gov’t Denies National Cryptocurrency
On Thursday, an X account under the username “JohnLeeKa_Chiu” proclaimed the launch of the “National Hong Kong Coin” (HKONG). In a now-deleted post, the impersonator claimed that this “strategic step” marked a “new era in digital innovation and economic growth for Hong Kong.” Just a few hours later, the account announced a delay in the token’s launch from 2:00 pm to 5:00 pm Hong Kong time. In the lead-up to the launch, the impersonator engaged with several notable figures on X, including US President Donald Trump and Indian Prime Minister Narendra Modi, adding to the deceit’s credibility.
The account even replied to Barstool Sports founder Dave Portnoy’s heated exchange with actor Nick Cannon, who has recently dabbled in launching a Solana memecoin. The impersonator thanked Portnoy for supposedly aiding the Hong Kong government in the “launch of Hong Kong national cryptocurrency.” This tangled web of interactions led many crypto investors to ponder whether the Chief Executive had been hacked or if the announcement was merely a scam, notably as the account bore a gray verification mark commonly associated with government entities.
However, Lee Ka-chiu’s official Facebook page swiftly denied any affiliation with the X account. The government stated unequivocally that it was not in the process of launching a cryptocurrency. “Members of the public should not mistakenly believe the false information claiming that the Chief Executive has announced the launch of the National Hong Kong Coin,” the post read. It concluded by warning the public against potential fraud, advising them to seek evidence and verify information before falling prey to scammers.
Is The Political Memecoin Party Over?
Among the rising concerns, Johnny Ng, a member of the Legislative Council of the Hong Kong Special Administrative Region, also echoed the warning on X, clarifying: “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 reignited discussions about the effectiveness of X’s account verification and security protocols, particularly given the history of hacked accounts promoting crypto scams.
This particular impersonator seemingly hacked an account related to Indian officials and modified the username, name, and biography to orchestrate the scam. Prior to the cryptocurrency announcement, the account had shared pictures of Indian Prime Minister and reposted various posts from Indian officials. Post-launch, all mentions of the National Hong Kong cryptocurrency disappeared, and the username transformed to “moftransilvania,” indicating the hacker remained in control.
Despite the ruse, it appears the scam lacked momentum, primarily because the impersonator failed to promptly launch and post the token’s contract address, allowing astute investors to see red flags. As a result, the HKONG token reached a market capitalization of only $200,000 before rapidly collapsing.
Moreover, discussions surrounding the implications of political or politician-related memecoins have proliferated, particularly following previous scams such as the Central African Republic (CAR) “experiment” and the crash of the Argentina-linked Libra token (LIBRA). In a related effort, the Democratic Party of The US House of Representatives has proposed the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which aims to restrict federal officials from promoting various financial assets that could be seen as personally beneficial.
This legislation arises against the backdrop of the recent launch of TRUMP and MELANIA memecoins by the US Presidential Family, amplifying the fears surrounding politician-issued tokens and their ramifications on the cryptocurrency landscape.
