Hong Kong Exposes Sophisticated Deepfake Crypto Scam Impersonating Elon Musk — TradingView News

The regulatory body in Hong Kong took action against an illegitimate virtual currency exchange that falsely claimed to be associated with Tesla’s chief executive and prominent Dogecoin supporter, Elon Musk. The exchange, which operated without a license, was shut down by officials.


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A stern cautionary note was struck by the Hong Kong Securities and Futures Commission (HKSFC) against Quantum AI for its unsubstantiated claims of using artificial intelligence in its cryptocurrency trading products.

The now-inoperative Quantum AI, located in Hong Kong, promoted itself as having a direct partnership with Elon Musk, alleging he was the creator of their AI-driven cryptocurrency trading technology. The company’s website and various digital marketing channels featured AI-generated content, showcasing doctored videos and images purported to be of Elon Musk.

Quantum AI was also implicated by the HKSFC in disseminating incorrect and deceptive self-descriptions on an unnamed “news” site, aiming to enhance its status in the eyes of potential cryptocurrency investors in Hong Kong who might be easily deceived. The HKSFC’s warning stated:

“It is declared on the news site that Hong Kong citizens are utilizing its platform to conduct transactions with digital currencies, boasting about achieving extraordinary profits that seem too good to be true.”

Following the advisory, the Hong Kong SFC coordinated with the local police to disable the Quantum AI website and take down its associated social media accounts, as reported by the regional news agency Jinse.

Hong Kong has seen a total of 23 virtual currency trading platforms apply for operating permits. The HKSFC has halted the acceptance of new applications for crypto exchange licenses as of February, instructing all exchanges without licenses to cease operations by the end of May.