Odaily Planet Daily News: The Hong Kong police have dismantled a criminal group that used deepfake technology and dating apps to scam victims in Taiwan, Singapore, and Malaysia out of over 34 million Hong Kong dollars (4.37 million USD). The operation arrested 31 individuals and seized criminal assets worth 100 million Hong Kong dollars, including cash, luxury handbags, and watches. The organization rented two locations in Kowloon Bay to conduct its operations. Recruiters were trained to use AI-driven deepfake character images to create false online personas, then lured victims into establishing online romantic relationships. Once trust was established, the scammers convinced the victims to invest in fraudulent cryptocurrency platforms. Victims believed they were profiting from their investments until they attempted to withdraw their funds and were asked to pay taxes or fees. Blockchain intelligence firm TRM Labs reported that such scams globally scammed over 4.4 billion USD last year. In a study published earlier this year, the company found that 75% of wallets associated with pig-butchering scams showed signs of on-chain money laundering.