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A Hong Kong-based cryptocurrency exchange used Elon Musk deepfakes to claim the billionaire was its lead developer
Elon Musk.Beata Zawrzel/NurPhoto via Getty Images
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Hong Kong authorities have warned of a scam using deepfake videos of Elon Musk to deceive investors.
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The group claimed to provide an AI-powered cryptocurrency trading service.
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This isn’t the first time scammers have used deepfake versions of Elon Musk.
No, Elon Musk did not create the shady cryptocurrency trading website where a random person on Facebook is telling you to invest.
Last week, Hong Kong’s Securities and Futures Commission issued a warning about deepfake scams. According to the statement, a group calling itself Quantum AI, or AI 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 Quantum Artificial Intelligence Laboratory (QuAIL)which focuses on quantum computing research.
As the technology behind artificial intelligence advances, scammers are increasingly using deepfakes to trick their victims into handing over money.
“Deepfakes” use artificial intelligence to imitate a person’s face and voice in a video or audio clip. Scammers will use deepfakes to set up video calls with victims. They then use a webcam paired with software that changes their facial features to resemble the person the victim thinks they are communicating with.
The infamous Nigerian scam group, The guys from Yahoofor example, it uses deepfakes to trick people into romance scams.
The Hong Kong group said it provides a cryptocurrency exchange service using underlying artificial intelligence. But Hong Kong authorities said they suspect it was a front for “fraudulent activities related to virtual assets.” The group used three websites and two Facebook pages to carry out its crypto scams, the warning states.
Authorities said the group used deepfake videos of Musk to trick victims into thinking he was the developer of the technology, giving 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.
Hong Kong police have reportedly shut down all of its websites and social media pages Cryptocurrency News. The Hong Kong Police Force did not respond to a request for comment from BI.
This isn’t the first time scammers have used Musk deepfakes to steal money from their victims. In April, a South Korean woman reported losing $50,000 scammers pretending to be Musk contacted her on Instagram. She also held a video call with who she thought was the ubiquitous billionaire.
“‘Musk even said ‘I love you, you know that?’ when we had a video call,” the woman told 60 Minutes of the deepfake conversation.
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