A Billionaire entrepreneur Elon Musk’s false video case of fraud has surfaced in Hong Kong. The revelation came from the Hong Kong Securities and Futures Commission (HKSFC). According to reports, a fraudulent cryptocurrency exchange named Quantum AI released a Deepfake Video featuring Elon Musk endorsing crypto trading services. This AI-generated video falsely depicted a direct association between Elon Musk and the cryptocurrency exchange Quantum AI, leveraging Musk's popularity to perpetrate fraud among the general public.
In response to this fraudulent activity, the Hong Kong Securities and Futures Commission (HKSFC) issued a warning against Quantum AI. A firm claiming to provide artificial intelligence (AI)-based cryptocurrency trading services. After shutting down the website, HKSFC emphasized that Quantum AI is a fake cryptocurrency exchange that falsely claimed that Musk had developed AI technology for crypto trading. He is promising investors substantial profits in that video. Quantum AI also displayed Elon Musk's AI-generated videos and images on its website and social media handles.
Quantum AI utilized a fictitious news website to spread false advertising and misleading information about its services. The fraudulent cryptocurrency exchange aimed to promote its crypto trading services and expand its reach among unsuspecting crypto investors in Hong Kong. Claiming to use technology capable of helping users earn higher returns in cryptocurrency trading. The website deceived users with its false promises.
In light of these fraudulent activities, HKSFC instructed the Hong Kong police to block Quantum AI's website and remove all related social media pages. This swift action aimed to protect investors from falling victim to fraudulent schemes perpetrated under Elon Musk's name.
Elon Musk, the owner of companies like Tesla and SpaceX has been a vocal supporter of cryptocurrencies. Consequently, his name is often linked with various cryptocurrencies and crypto projects. Recent rumors suggested that Musk had associated himself with Pi Coin and might soon accept Pi Coin as a payment option. However, no official statement regarding this matter was provided on social media or elsewhere. Failure to receive an official statement from Pi Coin left room for potential scams exploiting Elon Musk's name in the crypto space.
Currently, Elon Musk is fully focused on his AI firm and distancing himself entirely from cryptocurrency involvement. This episode serves as a cautionary tale against fraudulent schemes leveraging the reputation of prominent figures like Musk to deceive unsuspecting investors in the cryptocurrency market.
