Altcoin
Fake National Hong Kong Coin Launch on Solana Exposed
In a shocking incident, the Hong Kong government has unveiled a sophisticated crypto scam, involving a fake social media account impersonating the city’s Chief Executive. The scammers used the account to promote a fake cryptocurrency called “National Hong Kong Coin”, prompting a swift warning from the government.
Notably, the scammers announced the launch of the fraudulent coin on Solana, garnering widespread attention. However, Hong Kong Legislative Council member Ng Kit Chuang clarified that the government hasn’t issued the cryptocurrency.
Fake National Hong Kong Coin: What to Know
Earlier today, a fake X account impersonating Hong Kong’s Chief Executive John Lee Ka-chiu announced the launch of the National Hong Kong Coin on Solana. In an attempt to legitimize the deceptive claim, the scammers used a photograph of the Chief Executive. In addition, the scammers wrote on X, “This strategic step marks a new era in digital innovation and economic growth for Hong Kong”.
Subsequently, Legislative Council member Ng Kit Chuang has reassured the public that the government has made no official announcement regarding the issuance of a cryptocurrency. He warned investors to be cautious and not fall victim to such scams, emphasizing the importance of verifying information through official channels before making any investment decisions.
Government Warns Against Fake National Hong Kong Coin
Following the scammers’ false announcement on the Hong Kong Coin, the government issued a warning. In an official statement, the SAR government clarified that the Chief Executive’s account is fake and the shared information about the crypto launch is completely false.
Legislative Council member Ng Kit Chuang’s clarification comes amidst growing concerns and queries from citizens and Web3 industry experts about a fake social media post claiming the launch of the National Hong Kong Coin. The government has firmly debunked the claims as fraudulent, and Ng has urged the public to remain cautious and vigilant.
The Rise of Government Crypto Scams
It is noteworthy that the fake Hong Kong Coin incident is part of a broader trend of crypto scams that involve impersonating celebrities and government officials to dupe investors.
Recently, scammers promoted a fake meme coin impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman. Scammers created a fake account, “SaudiLawConf”, to promote a fraudulent crypto called “Saudi Arabia Meme Coin”. However, the legitimate Saudi Law Conference soon discovered that their X account had been hacked and issued a warning about the crypto scam.
Similarly, the launch of Libra token, promoted by Argentinian President Javier Milei, has also created controversy. The token, which jumped by 3000% to an ATH of $4.5, soon reached its low, when the pulled $87M worth of LIBRA, leaving investors with significant losses.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The XRP lawsuit has taken a significant turn with the US Securities and Exchange Commission’s (SEC) decision to drop its appeal against Ripple. The platform is poised for major achievements as the Ripple case nears its long-awaited conclusion after the XRP community’s four-year struggle. With about 20 XRP ETFs ready to launch, advocate John Deaton reflects on Ripple’s journey over the past four years.
Notably, John Deaton sheds light on the phenomenal evolution of Ripple since 2020, despite the ongoing legal struggles. Let’s dive into Deaton’s critical role in the Ripple vs SEC case and the company’s potential developments.
XRP Lawsuit to ETF Launches: John Deaton Weighs In
Reflecting on the pivotal moments that shaped the Ripple landscape, XRP attorney John Deaton shared an X post earlier today. While Ripple has achieved a major milestone in the XRP lawsuit, Deaton looks back on his pivotal decision to file a Motion to Intervene in the case.
The Ripple lawsuit has since yielded significant milestones, most notably Judge Torres’ landmark decision that XRP is not classified as a security, paving the way for further growth and adoption. Building on this success, Ripple now stands triumphant with the recent launch of multiple XRP ETFs.
John Deaton’s Critical Role in the Ripple vs SEC Case
Interestingly, John Deaton filed a Motion to Intervene before four years, marking a significant turn in the XRP lawsuit. The lawyer asked Judge Torres to let XRP holders join the fray as defendants. Though many lawyers and individuals criticized him, he didn’t hesitate to move forward.
Further, citing his intention of gaining participatory rights as amici counsel, the XRP lawyer wrote,
I knew Judge Torres would never force the SEC to sue, at the time, 12,600 XRP holders (which grew to 75K) but man, did it send the right message. Other than sending that message, my real goal was to be appointed amici counsel, with participatory rights, which, in effect, she did.
Moreover, Deaton expressed his delight over Judge Torres’ summary judgment, which ruled XRP as a non-security. The lawyer explained that the judge cited the significance of XRP holder affidavits in her judgment. Notably, she referenced these affidavits on two separate occasions in her written XRP lawsuit ruling.
Recently, John Deaton underscored the significance of the potential tokenization of real-world assets (RWAs). In addition, he revealed how cryptocurrencies could help achieve the American Dream.
XRP ETFs: A Major Benchmark
John Deaton’s X post on the XRP lawsuit comes in response to the latest XRP ETF development. Recently, the NYSE Arca approved the Teucrium’s 2X Long Daily XRP ETF under the Securities Exchange Act of 1934.
“This is like the 20th XRP related ETF. Never say you can’t make a difference!,” stated John Deaton. With multiple platforms already applied to launch an XRP ETF, the community remains optimistic of the token’s future trajectory.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Binance, the largest crypto exchange by trading volume metrics, decided to delist 14 altcoins, sending the affected tokens to a free fall.
The platform recently adopted a mechanism to involve its community in the listing and delisting processes.
Binance To Delist 14 Altcoins
The exchange revealed the decision on Tuesday, during the early hours of the Asian session. It would delist and cease trading on all spot trading pairs for the named tokens starting April 16 at 03:00 (UTC).
“Following the Vote to Delist results and completion of the standard delisting due diligence process, Binance will delist BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT and VIDT on 2025-04-16,” read the announcement.
The selection of these 14 tokens was reportedly based on a comprehensive evaluation of multiple factors. Among them are the level and quality of the development activity, trading volume, and liquidity.
In line with its recent decision to involve the community in its listing and delisting plans, the Binance exchange also held a vote. Reportedly, while it received 103,942 votes from 24,141 participants, only 93,680 proved valid.
“Community voting results were evaluated after rigorous filtering of ineligible votes and invalid votes,” the exchange articulated.
In the immediate aftermath of the delisting announcement, the 14 tokens fell over the cliff, with most recording double-digit losses.
The turnout is unsurprising, as such announcements often cause price drops for affected tokens. A similar announcement was made recently to delist three altcoins: AKRO, BLZ, and WRX. Likewise, their prices dropped by double digits.
What Binance Users Need to Do
Binance said all trade orders will be automatically removed after trading ceases in each trading pair. It will also terminate trading bot services for the aforementioned spot trading pairs immediately after the delisting occurs.
Based on these guidelines, Binance users should update and/or cancel their trading bots before the delisting to avoid any potential losses.
Notably, once the delisting happens, any outstanding assets will be force-sold at market price or moved to the Spot Account if the amount is unsellable. Similarly, the token’s valuation will no longer be displayed in users’ accounts after delisting.
Deposits of these tokens will also not be credited to users’ accounts after the delisting time. Meanwhile, withdrawals of these tokens from Binance will not be supported after June 9 at 03:00 UTC.
“Delisted tokens may be converted into stablecoins on behalf of users after 2025-06-10 03:00 (UTC),” Binance added.
Meanwhile, it is worth noting that while Binance exchange’s move to involve the community in the listing and delisting bolsters democracy, it drew criticism. As BeInCrypto reported, it drew concerns over whether the exchange gave preferential treatment to BSC chain tokens.
Disclaimer
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Cryptocurrency exchange giant Binance has once again garnered substantial investor attention with its latest announcement on the restaking protocol KernelDAO. On Tuesday, April 8, the CEX revealed its 4th Megadrop project, KERNEL, whilst also revealing plans to list the token soon. Mentioned below are some of the vital listing details that traders and investors should know as they look to capitalize on such emerging opportunities.
Binance Reveals 4th Megadrop Project KERNEL, Here’s All To Know
In an official press release on Tuesday, Binance Megadrop declared plans to support KernelDAO by adding it as the 4th project on the platform. The platform’s massive user base can participate in this event starting April 9 at 00:00 UTC.
Notably, the crypto exchange clarified that it will be the first platform to list this token. As per the platform’s announcement, any other claims offering sales before the allotted timeline are false.
Here’s The Listing Date
Binance revealed in its announcement that it will list the following trading pairs for KERNEL shortly ahead:
- KERNEL/USDT
- KERNEL/BNB
- KERNEL/USDC
- KERNEL/FDUSD
- KERNEL/TRY
The platform’s users can partake in trading the abovementioned crypto pairs starting April 14 at 12:00 UTC. Further, a seed tag is to be applied next to this asset, signaling high risk and volatility.
More Details On The Megadrop
The Megadrop event on the top crypto exchange will be live from April 00:00 UTC to April 13 at 23:59 UTC. The token, KERNEL, boasts a total token supply of 1 billion coins.
At the time of the crypto’s listing on Binance, the initial circulating supply will be 162,317,496 coins, worth 16.23% of the total token supply. The ‘Hard Cap’ per user is set at 320,000 tokens, per the announcement. Users can move on to the official site for further details regarding the Megadrop participation process.
Notably, KernelDAO is a shared restaking security protocol on BNB Chain. Users can restake BNB, BTC, and other yield-bearing tokens to amass rewards.
Binance Cements Top Ranking With New Offerings
Meanwhile, it’s worth considering that the CEX has continued to secure its top ranking by revealing such opportunities for market participants globally. Intriguingly, the crypto exchange revealed plans to support the Bitcoin staking protocol Babylon earlier this month.
Therefore, the exchange continues to witness growing popularity across the crypto landscape. Meanwhile, some other upcoming listings on the same exchange include Hyperliquid, Mantle, and Kaspa, among other crypto assets.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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