The Hong Kong SFC (Securities and Futures Commission) has warned sternly about a crypto scam using deep fake technology. The scam involves AI-generated videos of Elon Musk endorsing a fraudulent trading platform called ‘Quantum AI.’ This scam underscores the increasing use of AI in committing fraud. The SFC has taken a public stance against Quantum AI for making unrealistic promises to deceive potential victims and has taken proactive measures to mitigate the impact. The regulator has requested the Hong Kong Police Force to block access to websites and social media platforms linked to Quantum AI.

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