A new Elon Musk deepfake surfaced online, and it was used by a Hong Kong-based cryptocurrency exchange startup that claimed that the renowned billionaire is its lead developer.
The Hong Kong Securities and Futures Commission warned about the massive circulation of deepfake scams, claiming that Quantum AI or AI Quantum is resorting to this trick.
In the many years of crypto, many have used Elon Musk as the face of crypto, offering fake investment opportunities or promotions that dupe users.
Elon Musk Deepfake Used by Hong Kong Crypto Startup
The Hong Kong Securities and Futures Commission (SFC) issued a warning last week regarding a rising crypto scam that uses an Elon Musk deepfake to reiterate his involvement in the company.
This is pointing out to Quantum AI, a new crypto exchange company that claims to use AI technology for its services offered to the general public.
SFC revealed the scammers' websites, citing that their operations are not legitimate and that they also have dedicated Facebook groups.
Additionally, they went as far as to launch a news website that features Musk in a deepfaked interview, talking about his investment in the latest crypto startup.
The Real Elon Musk is Not its Lead Developer
It was reiterated by the SFC that the real Elon Musk does not have any connections with the group, and all of their promotional content regarding its platform is fake.
The authorities also claimed that the group is fraudulent and engages in misleading the public to dupe the public into hurtful investments.
The SFC and the Hong Kong police force have taken several actions to block access to its websites and social media pages.
Elon Musk's Deepfake in Crypto
There is something about Elon Musk and cryptocurrency, which is why he has been the face of rampant deepfake cryptocurrency scams online lately.
At one point, Musk criticized Twitter, back when he did not own it yet, for allowing such scams who use his name to promote their dubious campaign, going as far as calling it 'broken' for a fake Bitcoin promotion.
Additionally, there was also one time when a Bitcoin scam used the tech CEO's name yet again, but this time, it was launched on Facebook, which centers on a fan account about the executive.
Despite being fake and a fan account that shares Bitcoin scam links, Meta's Facebook verified the account, giving it the blue check, and made it appear legitimate.
Musk's fondness for cryptocurrency and welcoming of its very idea, especially his numerous incidents where he was mistaken to be Dogecoin's creator, are reasons he is the face of crypto scams.
This new Hong Kong-based startup, a.k.a. Quantum AI, is using the CEO yet again, but authorities have since warned the public that it is a scam.
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