Hong Kong authorities are cracking down on cryptocurrency scams after a group of scammers impersonated Hong Kong Chief Executive John Lee on social media X (formerly Twitter) to promote a fraudulent meme coin named "KONG."


This incident again raises a warning bell about the wave of fake meme coins, as many investors rush to invest without verifying the origins.



Meme Coin “KONG” - A Flash Pump & Dump


#scammer created an account on X, impersonating John Lee and claiming that Hong Kong is about to launch an official cryptocurrency named "National Hong Kong Coin" on the Solana blockchain. The post, before being deleted, also asserted that the KONG coin would usher in "a new era of digital innovation and economic growth," promising to "revolutionize the future of finance."


This information has attracted the attention of meme coin investors. Within minutes of the KONG token being listed on Dexscreener, it reached a market capitalization of over $320,000.


However, shortly after, the price of KONG plummeted by 96% in just a few seconds as the token deployer dumped the supply and made off with $24,000.


🚨 A classic "pump and dump!"


Immediately, the Hong Kong government dismissed this information and referred the case to police for investigation.



Hong Kong Official Speaks: "Severe Punishment for Fakes"


After the scam, District Chief #HongKong John Lee warned on Facebook that this is a deliberate scam and those behind it will be severely dealt with.



"I advise the public to be cautious, verify information, and beware of scams."



What is concerning is that the fake account on X has more than 40,000 followers and was granted a gray verification badge, which is reserved for official government accounts. This makes the scam even more sophisticated and harder to detect.



Fake Meme Coin - A Widespread Scam Wave


Not only Hong Kong, many world leaders have also become targets of similar scams:


🔹 Last month, a group of scammers impersonated Saudi Crown Prince Mohammed bin Salman to launch the "Official Saudi Arabia Memecoin" after hacking the account of the Saudi Law Conference.


🔹 In February, a scammer impersonated Bermuda Prime Minister David Burt to promote the token "Bermuda National Coin."


🔹 The President of the Central African Republic has officially launched the $CAR as a national economic experiment, causing many to confuse it with a scam and a legitimate project.


🔹 Argentine President Javier Milei is also under investigation after posting about the meme coin Libra, only to delete it a few hours later.


These incidents show that cryptocurrency scams are becoming increasingly sophisticated, especially as many real leaders engage in the crypto space.



How to Avoid Falling into the Trap of Fake Meme Coins?


✔ Carefully check the source: Do not trust any accounts on X, even if they have a gray verification badge.

✔ Verify through official sources: Look for information on official government websites or media channels.

✔ Be wary of claims that are “too good to be true”: Projects promising rapid growth, financial innovation, or lucrative investment opportunities are often signs of a scam.


With the rapid development of the crypto market, scams like #Kong can continue to occur. It is important for investors to stay alert and not get caught up in the FOMO (fear of missing out) effect. 🚨