Elaborate Elon Musk deepfake crypto fraud uncovered in Hong Kong

cyptouser3 months agoCryptocurrencies News61
55966e89>

Hong Kong authorities closed in on an unlicensed, fraudulent cryptocurrency exchange that faked affiliation with Tesla CEO and Dogecoin (DOGE) proponent Elon Musk.

The Hong Kong Securities and Futures Commission (HKSFC) issued a warning against Quantum AI, an entity that claims to offer artificial intelligence (AI)-based crypto trading services.

Hong Kong-based Quantum AI claimed direct affiliation with Musk on its now-defunct website. It stated that Musk developed the underlying AI technology for crypto trading. Additionally, the entity was found displaying AI-generated videos and images of Elon Musk on its website and social media handles.

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

Hong Kong SFC also suspected Quantum AI of spreading “false and misleading information about itself” through an undisclosed news website. The motive was to promote its crypto trading services and establish legitimacy among Hong Kong’s unwary crypto investors. The Hong Kong SFC alert read:

“It claims on the “news” website that the Hong Kong public has been using its technology to trade in cryptocurrencies and is able to earn “too-good-to-be-true” returns.”

Local media outlet Jinse reported that the HKSFC directed the Hong Kong police to block Quantum AI’s website and remove all related social media pages.

In total, 23 crypto exchanges have applied for license registration in Hong Kong. The HKSFC stopped accepting crypto license applications in February and directed all unlicensed entities to wind up operations by May's end.

Related: Hong Kong spot Bitcoin and Ether ETFs struggle to gain traction

Amid the ongoing crackdown on unlicensed crypto exchanges, the Hong Kong Monetary Authority (HKMA) and the Central Bank of Hong Kong announced a collaboration with local private sector firms like HSBC and HashKey to explore asset tokenization.

On May 7, HKMA announced the formation of a “Project Ensemble Architecture Community,” a special community comprising industry representatives and regulators to develop tokenization standards.

The initiative is also designed to promote and support interoperability among wholesale central bank digital currencies (wCBDCs) — a type of digital money used among banks and financial institutions.

Magazine: Meme coins: Betrayal of crypto’s ideals… or its true purpose?

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Bankrupt Mt. Gox trustee said it is not selling Bitcoin

The Rehabilitation Trustee of the defunct crypto exchange Mt. Gox has confirmed that it has not sold...

Tether plans $500M investment into Bitcoin mining operations

In a significant diversification of its core business of managing the USDT stablecoin, Tether Holdin...

Jason Derulo sold his JASON tokens despite saying he wouldn’t, says Bubblemaps

Jason Derulo sold his JASON tokens despite saying he wouldn’t, says Bubblemaps

55966e89˃American singer Jason Derulo sold thousands of dollars worth of his newly launched crypto t...

Three top AI projects surge over 30% following rumors of token merge – report

UPDATE: The merger has been confirmed via email. Full details can be found here: Fetch, Ocean, Singu...

SEC v. Binance hearing delayed until Monday

SEC v. Binance hearing delayed until Monday

Today’s court hearing between Binance and the SEC has been postponed, according to a minute order pu...

Tether announces restructuring to go beyond stablecoins

1205f261˃Tether — the operator of the eponymous Tether (USDT) stablecoin, the world’s largest stable...