- Hong Kong police dismantle a $46M crypto scam using deepfake AI, arresting 27 suspects across Asia.
- The syndicate used AI-generated personas to lure victims into fake crypto investments, defrauding millions.
- Victims believed they were in genuine relationships, only to discover the scam when withdrawing investments.
The Hong Kong police have uncovered an advanced cryptocurrency romance scam. The scam used deepfake technology to trick men throughout Asia. The scam, which targeted victims in multiple countries, stole about US$46 million.
Authorities stated that the fraud network used AI-generated photos and deepfake technology to create realistic online identities. The identities then were used to trick victims into making crypto deposits. The operation had been running from a 4,000-square-foot industrial unit in Hung Hom since October last year.
The scammers reached out to their targets via social media platforms, initiating romantic relationships to gain trust. After establishing credibility, the group manipulated their victims into fake cryptocurrency schemes, providing false trading documents.
Many victims were unaware they had been defrauded until they attempted to withdraw their funds, only to discover that their investments were gone.
Well-Educated Recruits and Structured Operations
Police reports revealed that the syndicate recruited university graduates with expertise in digital media and technology. These recruits played a crucial role in creating fake trading platforms and managing online scams targeting victims from Hong Kong, mainland China, Taiwan, India, and Singapore.
The group had a structured operation, with various departments responsible for different aspects of the scam.
During a search operation on October 9, police confiscated more than 100 mobile phones, over HK$200,000 in cash, computers, and luxury watches. They also uncovered manuals outlining effective methods for carrying out the scam. They also recovered a performance board that tracked the success of each scammer. The highest-performing scammer allegedly earned HK$266,000 in just one month.
Police Arrests and Ongoing Investigation
Law enforcement detained 27 people, ranging from 21 to 34 years old, for their participation in the fraudulent scheme. They are accused of plotting to deceive and having dangerous weapons in their possession.
Senior Superintendent Fang Chi-kin from the Crime Squad verified that the criminal syndicate had been operational for around a year. The investigation remains ongoing as police continue to gather more evidence.
The scam affected men across Asia, exploiting their emotions and trust. By using AI and deepfake technology, the criminals could convincingly impersonate romantic partners, making the deception particularly difficult to detect.
Many victims believed they were in genuine relationships and were shocked to learn they had been scammed when attempting to retrieve their investments.
The post Hong Kong Police Bust $46 Million Crypto Romance Scam Using AI and Deepfake Technology appeared first on Crypto News Land.
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