The team assured its investors it would go through all appropriate channels to fulfill all requirements with the Hong Kong authorities.
The Hong Kong Securities and Futures Commission (SFC) has cautioned the public about potentially risky investment products called “Floki Staking Program” and “TokenFi Staking Program.” Both products are affiliated with the Floki protocol.
According to the SFC, these products offer staking services and claim to deliver annualized returns ranging from 30% to over 100%. However, the watchdog emphasized that neither of these products has received authorization for public sale in Hong Kong.
Staking allows users to earn rewards by contributing to the blockchain’s security. When users stake cryptocurrency, they contribute to a staking pool, akin to depositing money into a savings account. The proof-of-stake mechanism validates transactions, ensuring the security and decentralization of the blockchain.
