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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.
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While investors are bracing themselves for a Pi Network Price pump, one expert has predicted a start date for the rally. Cryptocurrency analyst Dr Altcoin says Pi Coin price will spike during the upcoming Consensus Summit, with Pi Network founder billed to deliver a keynote address.
Pi Network Price Eyes Massive Rally In May
According to an X post, cryptocurrency analyst Dr Altcoin is forecasting the start of a Pi Coin rally in mid-May. Dr Altcoin notes that investors can expect the start date of the Pi Network price during the Consensus Summit scheduled for May.
Dr Altcoin’s predictions differ from previous projections that tip the start of a Pi Coin rally toward late August. Investors previously hinged their hope for a price rally after the end of the Pi unlocking event, set to release 212 million Pi Coins.
However, Dr Altcoin is predicting the rally to begin much earlier in May, triggered by the momentum around the Consensus event. Dr Altcoin has previously revealed why Consensus 2025 will be pivotal for the Pi Network, given the sheer volume and calibre of attendees.
“I am fairly confident that the price pumping of Pi might start during the Consensus Summit (May 14-16, 2025) rather than at the end of August when Pi unlocking significantly reduces,” said Dr Altcoin.
Several Factors May Delay The Start Date Of The Price Rally
Dr Altcoin’s prediction for the launch of the Pi Network price rally in May faces a raft of challenges. Right out of the bat, the Pi Core Team (PCT) is racing against the clock to approve KYB applications before the start of Consensus 2025.
Furthermore, Dr Altcoin says the launch of decentralized applications (DApps) on the network before Consensus 2025 will support a price rally. While the PCT achieves the milestones before Consensus 2025, other external factors are angling to adversely affect Pi Network prices.
Dr Altcoin has raised alarm over shady activity on Banxa that may trigger artificial volatility for Pi Coin Price. Keen on playing its part to stabilize prices, the PCT has begun purchasing Pi Coins on centralized exchanges, mopping up over 48 million coins.
Currently, Pi Network trades at the $0.6 mark, holding the price level for over a week as investors scan the charts for signals of a seismic rally.
Furthermore, Dr Altcoin is hinging his resolve for a rally on seven Pi Network pros, including accessibility and sustainability perks. The cryptocurrency expert name-checks its security features, low gas fees, and regulatory compliance.
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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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The altcoins sector has gained notable traction as Bitcoin and the broader financial market recovered recently. However, the latest data indicates that the whales are shifting their focus to these specific coins for now. Recent whale activity suggests a strategic pivot toward select altcoins with high growth potential.
These tokens, though under the radar, are now gaining serious momentum thanks to these massive inflows.
Top Altcoins That Whales Are Putting Their Bets On
While Bitcoin grabs headlines due to the robust BTC rally, the top altcoins are quietly stealing the show. According to blockchain analytics platform Lookonchain, whale wallets are actively accumulating three specific tokens, VIRTUAL, Worldcoin (WLD), and GAME. This movement indicates growing confidence in these assets, especially amid a broader market rebound.
In a recent post on X, Lookonchain disclosed that a single whale snapped up 2.53 million VIRTUAL tokens worth around $2.66 million at a price of $0.93 each. The altcoin, associated with metaverse-related infrastructure, has seen rising interest thanks to renewed speculation around virtual economies.
The same whale also scooped up 1.48 million WLD tokens, spending $1.73 million at an average of $1.02 per token. Worldcoin has remained a hot topic due to its ambitious identity-verification goals tied to AI-driven platforms. Whale accumulation here suggests growing belief in the project’s long-term utility.
Meanwhile, a much larger but lower-value transaction involved 6.47 million GAME tokens, acquired for just $299,000 at a mere $0.04 apiece. This indicates a possible bet on the gaming sector’s comeback, particularly with Web3 games gaining traction again.
Lookonchain also noted a smaller buy: 303,574 COOKIE tokens worth $40,700, priced at $0.13 each. While not as prominent as compared to the other altcoins, this modest purchase adds weight to the idea that whales are diversifying within small-cap tokens.
How Worldcoin, Virtual, & GAME Tokens Are Performing?
Worldcoin price today rose more than 24% and exchanged hands at $1.17 with its one-day volume rocketing 150% to $481 million. Notably, the crypto has touched a high of $1.19 from a low of $0.95 in the last 24 hours.
Simultaneously, given the whale’s accumulation, the other altcoins also recorded robust rallies today. It also reflects how these whale or large investors’ moves influence the broader market sentiment. VIRTUAL Price recorded a surge of over 34% to $1.10 and its trading volume soared 260% to $511 million.
Meanwhile, GAME price also jumped about 70% to $0.05, accompanied by a rocketing trading volume of 76% to $6 million. With its recent surge, the crypto has added more than 200% in the weekly chart while soaring around 121% over the last 30 days.
Also, the COOKIE price jumped more than 10% and exchanged hands at $0.1420 during writing, reflecting the investors’ shifting focus.
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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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Leading digital asset exchange Binance recently released listing guidelines that have stirred the crypto community, especially supporters of Pi Coin. Following the exchange outlining more straightforward criteria for future listings, market participants are speculating on a potential onboarding of PI coin on the world’s biggest crypto platform.
Binance Reveals New Listing Standards
In its most recent statement, Binance announced changes to how it lists new tokens. The exchange has introduced a more structured process. It carefully evaluates the quality of each project and monitors the token’s market performance.
According to the update, the digital asset exchange broke down its listing process into three main paths: Alpha, Futures, and Spot listings. Each path includes thorough evaluations of topics ranging from user adoption and tokenomics to technical security and trading volume.
For new projects, Binance Alpha offers early exposure before a complete listing. Projects must prove strong fundamentals, including a defined user base, real-world use, and a sound business model. The crypto exchange also checks token distribution, ensuring tokens are not held mainly by insiders.
It is worth noting that technical checks are done to avoid risks like bugs or past security issues. Teams are also checked for background and compliance issues, like sanctions or financial irregularities.
Meanwhile, circulating projects that already trade on other platforms must show healthy trading volume and stable price movements. Binance also looks at liquidity, market cap, and the overall investor interest before moving such tokens into Futures or Spot listings.
These straightforward guidelines now make it easier for projects to prepare and aim for listing on the platform.
Does Pi Coin Have a Chance Now?
It is worth noting that earlier this year, Binance held a community vote where 86% of nearly 295,000 participants favored Pi getting listed. While this was not a formal listing, it showed strong community support.
CoinGape also reported that crypto expert Dr. Altcoin shared news about Pi. Pi resumed trading on BitMart after a one-month pause, which, according to the update, was due to KYB concerns.
Pi’s return to BitMart suggests that the project might be moving towards full compliance.
This, along with a loyal community and growing interest in the token, could strengthen its case for meeting Binance’s standards. It is crucial for trading activity, compliance, and user adoption.
Price Outlook and Market Sentiment
CoinMarketCap data shows that Pi Coin was trading at $0.6470 at the time of writing, down 0.52% in the last 24 hours.
The coin has had trouble staying above the $1 mark amid recent market uncertainty. However, it has started showing signs of stabilizing as more people are paying attention to Pi now.
In line with the Binance exchange and other related updates, CoinGape reported that Grok3 believes this PI could reach $5 by 2026, with a bull case projection of $20 by 2030.
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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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