Hong Kong authorities flag Floki Inu's staking programs as 'suspicious'
The Securities and Futures Commission (SFC) of Hong Kong has cautioned the public against suspicious investment products Floki Staking Programme and TokenFi Staking Programme.
Both programs offer staking services with annualized rates 'ranging from 30% to over 100%', the regulator said in a statement.
'The SFC has not authorized the offer of the products in Hong Kong. The operator of the schemes has failed to demonstrate to the SFC's satisfaction how such high target returns can be achieved,' the commission stated.
The SFC added that information about the schemes is accessible to Hong Kong residents via the internet. The commission has included them both on its list of suspicious investment products.
The watchdog noted that crypto staking constitutes 'unauthorized collective investment schemes.'
'Investors should also be wary of products which claim to offer 'too good to be true' returns and should always exercise caution when making investment decisions,' the SFC emphasized.
