The Hong Kong Securities and Futures Commission (SFC) has issued a stern warning to the public about two staking products named the “Floki Staking Program” and the “TokenFi Staking Program.” Both staking products, which the financial regulator described as “suspicious,” are affiliated with the Floki protocol.
Hong Kong’s SFC Issues Warning About Staking
In a media release, the SFC mentioned that the Floki Staking Program and the TokenFi Staking Program claim to offer “high annualized return targets of 30% to over 100%.” However, the regulator stressed the fact that both cryptocurrency products are yet to receive authorization in Hong Kong.
Staking is an avenue for cryptocurrency holders to earn rewards while supporting the operation of a blockchain. Owners earn more cryptocurrency when they send their crypto assets to be locked in a staking pool for a specific period of time.
According to the SFC, the Floki protocol has not been able to satisfactorily demonstrate how
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