#BinanceLaunchpool The Hong Kong Securities and Futures Commission issued a warning last week about deepfake scams.

According to the statement, a group calling itself Quantum Al or Al Quantum, is using deepfake videos of Elon Musk to trick people into thinking he is behind the software.

The group is not to be confused with NASA's Quantum Al Lab (QuAIL), which focuses on quantum computing research.

Authorities said the group used deepfake videos of Musk to deceive victims into thinking that he was the developer of the technology, lending the fake company an air of legitimacy. They even went as far as creating a fake "news" website to promote false information about the service, authorities said.

As the technology behind artificial intelligence advances, scammers are increasingly using deepfakes to dupe their victims into handing over cash.