Hong Kong’s Regulatory Authority Warns Users Against This Memecoin’s Suspicious Investment Products!

The Hong Kong Securities and Futures Commission (SFC) today issued a public warning regarding two questionable cryptocurrency-related investment products called “Floki Staking Program” and “TokenFi Staking Program”.

Both products include cryptocurrency staking services and claim to deliver exceptionally high annual return targets ranging from 30% to 100%.

These investment products have not received authorization from the SFC to be offered to the people of Hong Kong. Additionally, the manager of these products failed to satisfy the SFC as to how high annual return targets could realistically be achieved.

The SFC highlighted that the availability of information about these products on the internet has led to both the “Floki Staking Program” and the “TokenFi Staking Program” being included in the SFC’s Suspicious Investment Products Alert List, effective January 26, 2024.

Investors are expressly warned against participating in “staking” arrangements associated with virtual assets. The SFC considers these arrangements to be potential unauthorized collective investment schemes and warns that they pose significant risks.

Importantly, investors involved in such schemes may have limited or no protection under the Securities and Futures Regulations (SFO), placing their investments at significant risk.

The SFC emphasizes the importance of exercising caution when dealing with investment products that promise “too good to be true” returns and urges investors to be alert and informed in their decision-making processes.

*This is not investment advice.