🛑Hong Kong police have taken down a multinational scam that used deepfake technology to swindle $46 million from men through fake cryptocurrency investments. The fraud, run by a syndicate, targeted victims in Hong Kong, Singapore, mainland China, and beyond.

The scammers used Al-generated images of women to form online romantic relationships. They convinced victims to invest in fake cryptocurrency platforms, even using deepfakes during video calls. Victims were shown fake profits to keep them investing.

The syndicate, involving university graduates and suspected Sun Yee On triad members, was divided into roles like scam operations and technical support. Police arrested 27 people and are continuing their investigation.

Romance scams, often called "pig butchering scams," are on the rise, with scammers increasingly using Al to create convincing schemes. Since October 2023, this syndicate defrauded victims out of HK$360 million (about $46 million).