Hong Kong SFC flags 'Diamond Coin' and 'Diamond Fund' as suspicious investments

Hong Kong’s Securities and Futures Commission has designated Diamond Coin and Diamond Fund as suspicious digital token-related investment products. The products were presented as digital tokens representing rights in Diamond Fund, which claims to invest in ancient artworks and historical artifacts, while advertising target annual returns of more than 30%. The SFC said the products had been promoted to investors in Hong Kong and urged caution over related social media accounts and posts. Vajra Issuance Limited was identified as the entity responsible for operating and promoting the products.