Ant Digital warns of fake tokens as crypto scams persist in Hong Kong

Ant Digital Technologies, an affiliate of Chinese fintech giant Ant Group, has issued a warning to investors regarding fraudulent tokens being issued under the name of its newly launched Jovay blockchain, as Hong Kong pushes ahead with developing its digital-asset industry.

Unauthorised projects had been issuing fraudulent tokens using the Jovay name on major blockchains, including Ethereum, BNB Chain and Solana, Ant Digital Technologies said on Wednesday via Jovay’s official social media account.

The company said it had not issued any token on any blockchain and urged investors to remain vigilant against crypto tokens claiming to be associated with Jovay.

The incident highlights the ongoing prevalence of cryptocurrency scams, even as the digital-asset sector gains mainstream traction. Since late 2022, Hong Kong has been working to regulate the rapidly expanding industry while trying to attract related businesses.

Ant Digital Technologies, which provides blockchain-based services and began operating independently last year, is the technology arm of Ant Group, which runs China’s largest mobile payment service, Alipay.

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