The most dangerous stablecoin scam probably looks nothing like what most people picture. There’s no anonymous founder, no Discord full of bots, no promise of returns that defy basic economic logic.
Instead, it has a professional ticker, institutional branding, and a name that tens of millions of people have trusted with their savings for generations. That’s the premise at the center of a regulatory alert Hong Kong’s monetary authority issued this week, and it deserves considerably more attention than a fraud warning typically receives.
On April 28, the HKMA warned the public that tokens carrying the tickers “HKDAP” and “HSBC” had appeared in the market without being issued by or associated with…
