The Hong Kong Securities and Futures Commission warns of deepfake scams in the crypto industry, involving a group using videos of Elon Musk. Scammers use deepfakes to mimic individuals, promoting fraudulent schemes. The group in focus utilized deepfakes of Musk to deceive victims into fake crypto trading services. Similar cases involve scammers impersonating Musk and Lee Hsien Loong for crypto scams. Hong Kong police shut down the group's operations, but the full extent of the damage is unknown.

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