Hong Kong Crypto Exchange Uses Elon Musk Deepfake to Promote Him as Lead Developer
The Hong Kong Securities and Futures Commission has issued a warning regarding deepfake scams infiltrating the cryptocurrency industry.
The commission revealed that a group operating under the name Quantum AI or AI Quantum resorted to using deepfake videos of renowned entrepreneur Elon Musk to deceive unsuspecting individuals into believing that he was the mastermind behind the platform.
It is essential to distinguish this group from NASA’s Quantum AI Lab (QuAIL), which focuses on quantum computing research and is unrelated to the fraudulent activities in question.
Exploiting the rapid advancements in artificial intelligence technology, scammers have increasingly turned to deepfakes as a means to defraud victims of their hard-earned money.
Deepfakes utilize AI algorithms to convincingly mimic the facial expressions and voice of a targeted individual, creating realistic video or audio clips.
Scammers employ deepfakes to establish video calls with their victims, using software to alter their own appearance and simulate the identity of the person they are impersonating.
One notorious group known as “The Yahoo Boys” from Nigeria has been employing deepfakes to carry out romance scams successfully.
The Hong Kong-based group implicated in this case claimed to offer cryptocurrency trading services backed by advanced artificial intelligence.
However, authorities suspect that the operation served as a facade for engaging in fraudulent activities related to virtual assets.
The group utilized three websites and two Facebook pages to carry out their crypto scams, as stated in the warning issued by the authorities.
To lend credibility to their scheme, the scammers employed deepfake videos featuring Elon Musk, falsely portraying him as the
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