Cryptocurrency fraud was committed with Deepfake Elon Musk.

Hong Kong authorities uncovered a cryptocurrency scam. Authorities have shut down an unlicensed and fake cryptocurrency exchange that claimed to be directly related to Elon Musk using the deepfake method.

They used Elon Musk for cryptocurrency fraud

Quantum AI, a Hong Kong-based cryptocurrency exchange, claimed on its website, which is no longer in use, that it had a direct relationship with Elon Musk. The company stated that Musk developed basic artificial intelligence technologies for crypto trading. In addition, Elon Musk's videos and images created by artificial intelligence were displayed on the company's website and social media accounts.

The Hong Kong Securities and Futures Commission (HKSFC) took immediate action when it realized this situation. HKSFC, which issued a statement and warned cryptocurrency investors about this fraud, asked the Hong Kong police to close the company's website and social media accounts.

A total of 23 crypto exchanges have applied for license registration in Hong Kong. HKSFC stopped accepting license applications from cryptocurrency exchanges in February and asked all unlicensed entities to cease operations by the end of May.

However, the Hong Kong Monetary Authority (HKMA) and the Central Bank of Hong Kong are collaborating with local private sector firms such as HSBC and HashKey to enter the real asset tokenization space.
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