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Hong Kong Securities and Futures Commission Warning
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.
Deepfakes Exploiting AI Advancements
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’ Use of Deepfakes in Cryptocurrency Scams
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.
Actions Taken by Authorities
Taking swift action, Hong Kong police shut down all the group’s websites and social media pages. However, the full extent of the damage caused by the scam remains unknown.
Elon Musk Deepfakes Exploitation
This isn’t the first instance of scammers exploiting deepfakes featuring Elon Musk to orchestrate fraudulent schemes. In a separate case in April, a South Korean woman fell victim to scammers who impersonated Musk on Instagram, resulting in a loss of $50,000.
Warning from Prime Minister of Singapore
Lee Hsien Loong, the prime minister of Singapore, has also warned his social media followers regarding the use of deepfake videos that use his voice and image to promote cryptocurrency scams.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
