As a seasoned crypto investor, I’ve seen my fair share of scams and fraudulent activities in this space. So when I read about Quantum AI and their blatant attempts to deceive potential investors by falsely claiming affiliation with Elon Musk, I was both disappointed and relieved all at once.
Today, the Hong Kong Securities and Futures Commission (SFC) took firm steps against Quantum AI, a cryptocurrency exchange operating in Hong Kong without a license. This unauthorized platform deceitfully claimed association with Elon Musk, the CEO of Tesla and a well-known advocate for Dogecoin ($DOGE). The fraudulent scheme promised AI-driven crypto trading services supposedly developed by Musk himself.
A report from Cointelegraph reveals that Quantum AI attempted to deceive investors by posting AI-created videos and photos of Elon Musk on their website and social media, implying a collaboration between Musk and their trading platform. The Securities and Futures Commission (SFC) additionally suspected that Quantum AI disseminated false and enticing information about themselves through an unidentified news source, specifically targeting crypto enthusiasts in Hong Kong with unrealistic profit guarantees.
The Hong Kong Securities and Futures Commission (HKSFC) took swift action against suspected fraudulent activities by warning the public against Quantum AI and instructing the Hong Kong police to prevent access to the exchange’s website and delete related social media accounts. This proactive measure is in line with Hong Kong’s commitment to regulating the cryptocurrency sector and safeguarding investors from deceitful entities.
In an alert published on its website, the SFC had this warning about Quantum AI:
This entity claims to offer cryptocurrency trading services, utilizing artificial intelligence (AI) technology as its foundation. It can be found at the mentioned websites, but allegations have surfaced suggesting it may be involved in fraudulent virtual asset transactions. There are suspicions that this entity creates deepfake videos and images of Elon Musk for its website and social media platforms, misleading the public into believing that Mr. Musk is the inventor of their underlying technology.
“This entity is under suspicion for utilizing a ‘news’ site to spread untrue and misleading information about itself, as well as advertising its cryptocurrency trading services to the Hong Kong population. On this ‘news’ site, it allegedly reports that the Hong Kong public has been reaping exceptional returns using its technology for cryptocurrency transactions.”
As a researcher studying the cryptocurrency market in Hong Kong, I’ve come across Cointelegraph’s report revealing that as of February, the Hong Kong Monetary Authority (HKSFC) had received applications from 23 crypto exchanges seeking legal operation within their jurisdiction. However, the regulator has since closed the door to new applicants and demanded all unlicensed entities to halt operations by May’s end. This regulatory action is aimed at fostering a clearer and more trustworthy investing landscape for crypto enthusiasts in the region.
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2024-05-08 15:40