It’s not true; Elon Musk didn’t create the fraudulent crypto trading site that some random person on Facebook is urging investors to invest in.
- Hong Kong authorities warned about fraudsters who use fake Elon Musk videos to trick investors.
- The company claimed that it would offer the cryptocurrency market with an artificial intelligence system.
The Hong Kong, Securities and Futures Commission, issued a caution this week regarding fake scams; according to the announcement, the group, which is referred to as Quantum AI or AI Quantum, is with fake footage that features Elon Musk to fool people into believing that Musk is the person behind the software.
The organization is not to confuse in any way with NASA’s Quantum AI Lab (QuAIL), which focuses on research in quantum computing.
As technology for artificial intelligence improves, scammers are now together deepfakes in order to trick their victims into giving money.
“Deepfakes” leverages artificial intelligence to replicate the appearance and voice of an individual in an audio or video clip. Criminals will employ deepfakes to establish video chats with victims. They use the webcam with software that alters their facial features so that they appear as if the person the victim believes they are talking to.
The well-known Nigerian fraudulent group is known as Yahoo Boys, a notorious Nigerian scam group. Yahoo Boys, for instance, employs fakes to fool people into falling for romance scams.
The company in Hong Kong claimed to offer an additional exchange service for cryptocurrency with an artificial intelligence base. However, Hong Kong authorities suspect that it’s an alias for “virtual asset-related fraudulent activities.” The group employed three websites and two Facebook pages to conduct its crypto scams, which were compatible with the warning warnings.
Authorities have said that the group made use of fake video clips of Musk to fool users into thinking Musk was actually the inventor of this technology, thereby giving the fake business an appearance of credibility. They even went so far as to create an untrue “news” website to promote false information about the service authorities’ claims.
Hong Kong police shut down all of its websites and social media accounts, such as Crypto News. Hong Kong Police Force did not respond to requests for comment. Hong Kong Police Force did not respond to a request for clarification from BI.
There have been a number of instances where scammers have used rumours about Musk to extort the money of their victims. In April the month of April, a South Korean woman said she suffered a loss of $50,000 after scammers claiming to appear to be Musk approached her via Instagram. She even had a video chat with someone she believed was a billionaire.
“‘Musk even said ‘I love you, you know that?’ when we made a video call,” the woman claimed in 60 minutes of the deepfaked conversation.
