The Securities and Futures Commission (SFC) has issued a public warning about suspected fraud involving the entity known as “Quantum AI,” which claims to offer cryptocurrency trading services enhanced by artificial intelligence (AI) technology.

The SFC has raised concerns that Quantum AI has employed AI-generated deepfake videos and images to falsely suggest that Elon Musk is associated with the development of their technology.  This deceptive use of deepfake content by Quantum AI aims to mislead the public about the involvement of Elon Musk.

Further suspicions have been raised regarding Quantum AI’s use of a “news” website to disseminate misleading information about its services, claiming that the Hong Kong public has achieved exceptionally high returns through cryptocurrency trading technology.

The Hong Kong Police Force has responded to the SFC’s concerns by blocking access to Quantum AI’s website and taking down related social media pages to prevent further public deception.

Despite these measures, the SFC advises the public to remain cautious as scammers may continue establishing new websites and social media profiles under similar names.

Additionally, the SFC has added the mentioned websites to its Suspicious Virtual Asset Trading Platforms Alert List as of 8 May 2024.

The SFC reiterates its warning against “too-good-to-be-true” investment opportunities, particularly those promoted on social media platforms. Online investment scams can involve various types of assets and may result in significant financial losses. The public is urged to remain vigilant and conduct thorough research before making investment decisions.

Featured image credit: Edited from Freepik