Hong Kong Securities and Futures Commission warns: FoFund, Fo Coin, 桃花源 NFT are "suspicious products," investors should be cautious.

The Hong Kong Securities and Futures Commission (SFC) has issued an announcement warning, specifically naming "FoFund No. 1," "FoFund No. 2," the token "Fo Coin," and "Paradise NFT (桃花源 NFT)" as four products that are unapproved but soliciting investments from the public, reminding investors to be vigilant. (Background: Reader submission》This is the scam I encountered, costing me tens of thousands of USDT) (Background info: Scammers are targeting the $8.6 billion stolen Bitcoin wallet from the Mt. Gox hack; beware of OP_RETURN phishing scams) The Hong Kong Securities and Futures Commission (SFC) has issued an announcement warning, specifically naming "FoFund No. 1," "FoFund No. 2," the token "Fo Coin," and "Paradise NFT (桃花源 NFT)" as four products that are unapproved but soliciting investments from the public, reminding investors to be vigilant. Common profile of suspicious products According to information disclosed on the SEC's official website, "FoFund No. 1" and "FoFund No. 2" claim to be related to cryptocurrency investment portfolio strategies; "Fo Coin" is targeting the token market; while "Paradise NFT" is dressed in the guise of art collection. Although the four target different fields, they all lack transparency, have no public audits, and are not listed on the SFC's sellable list. Additionally, the Commission disclosed the specific operational teams and social accounts of these projects, warning investors to be cautious and avoid being deceived. Regulatory measures are accelerating This action is not an isolated incident; on August 1, the Hong Kong "Stablecoin Regulation" will come into effect, requiring stablecoin issuers to apply for licenses from the Hong Kong Monetary Authority and comply with AML ( and CFT ) regulations. Furthermore, starting from June 2023, centralized exchanges and virtual asset trading platforms must apply for Category 1, 4, 7, and 9 licenses from the SFC; after the new regulations come into effect, distribution and custody services will also fall under its jurisdiction. In other words, unlicensed operations will only become more difficult in Hong Kong, and regulatory tightening is inevitable. Three reminders for investment layout For ordinary investors, the SFC's announcement brings three insights. First, verify licenses: Before entering any platform, check the list on the SFC website. Second, understand the structure: High returns often come with high risks; if there is a lack of public audits or explanations of fund usage, it’s time to stop. Third, pay attention to timing: After the stablecoin regulations take effect, compliance thresholds will rise, and projects that genuinely survive will be more transparent and easier for regulators to track. The innovative story of virtual assets is far from over, but the next chapter must be built on a foundation of clear and transparent regulation. Related reports Can AI turn the case around? A lawyer-less woman relies on ChatGPT to dig up a 5 million inheritance scam and persuades the court to reopen the investigation China's "DGCX XinKangJia" scams 13 billion RMB! Impersonating Dubai Gold Exchange, with over 2 million victims Taiwan's crypto special law "Virtual Asset Service Act" public hearing highlights: Unlicensed operators involved in scams will be dealt with severely! <Hong Kong Securities and Futures Commission warns: FoFund, Fo Coin, Paradise NFT as "suspicious products," investors need to be cautious> This article was first published in BlockTempo, the most influential blockchain news media.