Hong Kong’s Securities and Futures Commission (SFC) today warned the public of a suspected virtual asset fraud involving an entity operating under the name ‘Quantum AI’.
Quantum AI claims to provide cryptocurrency trading services with underlying artificial intelligence (AI) technology. The SFC suspects that Quantum AI is using deeply fake AI-generated videos and photos of Mr. Elon Musk on its website and through social media to mislead the public that Mr. Musk is the developer of its underlying technology Quantum AI.
The SFC also suspects that Quantum AI may have used a “news” website to spread false and misleading information about itself and promote its cryptocurrency trading services to the Hong Kong public. He claims on the aforementioned website that the Hong Kong public is using his technology to trade cryptocurrencies and is able to earn returns that are “too good to be true”.
At the request of the SFC, the Hong Kong Police Force has taken steps to block access to Quantum AI’s website and take down related social media pages. Despite the measures taken, the public should be aware that fraudsters may continue to create websites and social media pages with similar domain names.
The SFC also added the aforementioned websites to the SFC’s Alert List of Suspicious Virtual Asset Trading Platforms on 8 May 2024.
Online investment scams can involve any type of asset and are perpetrated through multiple channels, and investors can suffer significant losses. The SFC is once again warning the public to be wary of ‘too good to be true’ investment opportunities and advice posted on social media platforms. Investors should remain vigilant and watch out for fraud when making investment decisions.