Deepfake Crypto Scam Targets Asia: Elon Musk Face Used! 

• Deepfake crypto scam uses Elon Musk image, targets Asia
• Deepfakes cause millions in losses. Hong Kong sees surge in fintech fraud.
• Hong Kong fights back against rising deepfake scams

Hong Kong authorities are on alert following a recent deepfake scam targeting cryptocurrency investors. The scam, which leveraged the image of Tesla CEO Elon Musk to promote a fictitious trading platform called “Quantum AI,” highlights a rise in AI-powered financial fraud across Asia, with the region deemed particularly susceptible.

The Hong Kong Securities and Futures Commission (SFC) issued a warning about the scam last week, citing its unrealistic promises of high returns and requesting the removal of associated websites and social media groups. While these platforms appear to be inaccessible now, the SFC indicated that this is not the first instance of the Quantum AI scam.

Deepfake scams, which use artificial intelligence to create convincing video forgeries, are experiencing a significant increase. According to Sumsub, an identity verification company, the number of such scams detected last year soared tenfold.  Asia has emerged as a prime target, with Vietnam and Japan b…

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