Hong Kong SFC: Beware of Suspicious Virtual Investment Products by "LENA Network"

Yesterday,Regular foreign exchange gold trading platform the Hong Kong Securities and Futures Commission issued a warning to alert the public to be vigilant of a suspicious virtual investment product named "LENA Network". It is understood that the product claims to offer staking and lending arrangements related to virtual assets and promises high returns.

This product has not been authorized by the Commission and is not qualified to be offered to the public in Hong Kong. Nevertheless, the public can still access information about this product and how to contact them via the Internet.

In light of this, the Commission has listed the product and its related information on the suspicious investment product warning list on May 13. The Commission specifically cautions investors about arrangements involving the "staking" of virtual assets, as these arrangements might carry high risks, could be considered as unapproved collective investment schemes, and investors may not get adequate protection under the Securities and Futures Ordinance, facing the risk of total loss of investment.

Previously, on December 13, 2022, the Commission issued a statement to warn about arrangements involving virtual assets, alerting investors to be aware of related risks. The statement noted that "income" and "staking" services related to virtual asset arrangements might constitute collective investment schemes, and investors should remain vigilant.

Regarding potential illegal activities, the Commission said that it would take appropriate actions.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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