May 8, 2024
Elon Musk Deepfake Scam by Fraud Crypto Exchange
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Elon Musk Deepfake Scam by Fraud Crypto Exchange

Fraud crypto exchange, Quantum AI, was targeted by Hong Kong authorities’ intensified efforts to clamp down on unlicensed entities. Recently, the Hong Kong Securities and Futures Commission (HKSFC) issued a warning against Quantum AI, an entity allegedly involved in deceptive practices within the crypto space.

Quantum AI purported to offer AI-based crypto trading services and falsely claimed affiliation with Tesla CEO and Dogecoin proponent Elon Musk. The entity even went to the extent of asserting that Musk had developed the underlying AI technology for crypto trading. Using AI-generated content, including videos and images of Musk, Quantum AI aimed to deceive potential investors.

Hong Kong SFC issues alert against a new suspicious crypto trading platform. Source:

Deceptive Tactics Exposed

The HKSFC raised concerns about Quantum AI spreading false and misleading information through undisclosed news websites. By fabricating affiliations and exaggerating the capabilities of its services, Quantum AI sought to lure unsuspecting investors with promises of lucrative returns.

The HKSFC promptly took action against Quantum AI, directing the Hong Kong police to shut down its website and remove associated social media pages. This move aimed to protect investors from falling victim to fraudulent schemes orchestrated by unscrupulous entities like Quantum AI.

Regulatory Response and Collaborative Initiatives

Hong Kong’s regulatory bodies have been proactive in addressing the challenges posed by unlicensed Fraud crypto exchange. With 23 crypto exchanges applying for license registration, the HKSFC ceased accepting new applications in February. It has mandated all unlicensed entities to cease operations by the end of May.

Simultaneously, the Hong Kong Monetary Authority (HKMA) and the Central Bank of Hong Kong have embarked on collaborative efforts with private sector firms like HSBC and HashKey. Together, they are exploring asset tokenization and developing standards to promote interoperability among wholesale central bank digital currencies (wCBDCs).

The recent establishment of the “Project Ensemble Architecture Community” by HKMA signifies a concerted effort to foster collaboration between industry stakeholders and regulators. This initiative aims to drive innovation in tokenization standards and facilitate the seamless integration of wCBDCs within the financial ecosystem.

Image by Flickr

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