The Securities and Futures Commission (SFC) of Hong Kong issued a warning last week about a scam that used deepfakes of Elon Musk to promote a cryptocurrency trading platform dubbed Quantum AI or Elon Quantum AI.
Even though the scam is old, it nonetheless serves as a warning about the worrying surge in fraud involving artificial intelligence (AI), with Asia showing itself to be vulnerable.
The SFC claimed in a public warning on May 8 that Quantum AI claims promises of being able to provide too-good-to-be-true profits. The regulator requested that the Hong Kong Police Force impose access controls on linked social media pages and websites.
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Elon Quantum AI: What is Happening Now?
As of this week, the connected domains were unavailable, and it indicates that the Facebook groups have been deleted. The government of Hong Kong is on alert due to the numerous instances of fraud related to Deepfake occurrences that have occurred there. In Asia-Pacific, Deepfake instances increased by 1,530% last year.
The countries that saw the highest attacks were Vietnam and Japan, according to a research from the identity verification platform Sumsub. The Deepfake target pool has grown due to the rise in digital financial transactions in the developing Asia market.
Deepfake scammers can take advantage of the volume and complexity of financial dealings in the region, in particular Hong Kong, where there is a large amount of instantaneous cross-border transactions, to do fraudulent crimes.
Elon Musk, the CEO of Tesla, is credited as creating the groundbreaking platform that is advertised on one website that uses the Quantum AI fraud. The Quantum AI scam has been around for at least a year, although it appears to be repeated with different iterations that are directed towards various demographics.
Incidents of Fraud Using Elon Quantum AI
A portion of the domains using the program depend on budget-friendly hosting companies and adaptable back-end tools such as WordPress. A webpage stating Quantum AI demands a minimum deposit of US$250 appears among the top search results, along with a note advising visitors to invest just what you are okay with losing.
The number of fraud incidents involving deepfakes, or convincing generative AI simulations of real humans, is increasing. According to its Identity theft report, Sumsub, which monitors identity theft cases including those involving deepfakes, saw a tenfold rise in the use of deepfakes last year.
A manager at a Japanese bank was tricked into sending US$35 million in 2020 by false audio that imitated the voice of his director. Another global corporation suffered a fraud loss of US$25.6 million when a Deepfake video call occurred that imitated the chief financial officer’s appearance.
That incident was one of the worst financial frauds in the history of the city, with the JPEX cryptocurrency exchange being linked to a loss of over HK$1.5 billion (US$192 million).
Trends in Elon Quantum AI
With a rate of 3.3% last year, Sumsub ranked Hong Kong as one of the top five Asian markets for identity fraud. With 5.4%, Bangladesh had the highest. According to Sumsub, fraud in the fintech sector in Hong Kong increased at a pace of 3.8% in the first quarter, outpacing the growth in the same period last year by 216%.
The city has suffered losses in the tens of millions of dollars due to deepfakes. When it comes to reporting scams using cryptocurrencies on its website, the SFC has grown vigilant.
Of the 29 dubious virtual asset trading platforms that the SFC has named, 18 have been warned this year, and 24 have been warned since the JPEX incident that occurred in September of last year.
Elon Quantum AI
A trailblazing development in the field of artificial intelligence, the Elon Quantum AI Trading Platform allows automated trading using self-learning templates with minimal risk.
Is Elon Quantum AI Real?
Advanced artificial intelligence technologies are used by the Elon Musk Trading Platform, known as the Elon Quantum AI Trading Platform, to automate trading procedures and reduce risk.
Although Elon Musk has not himself started a trading platform, his vision and influence in the digital sector have encouraged other companies to create advanced trading platforms.
By incorporating advanced technologies, these platforms which may bear Musk’s name or endorsement are motivated by his philosophy and seek to transform the trading sector.
Elon Quantum AI Principal Aspects
Understand the components of the Elon Quantum AI trading platform. Explore the features and capabilities created to provide traders power and improve their trading experience. Find out what distinguishes this platform from competitors in the online trading industry.
- AI insights
- Cross-platform integration
- Advanced trading tools
Advantages of Using Elon Quantum AI
- AI risk management
- Novel Approach to Predictive Analytics
- Tailored trading strategies
- Safe and Open Transactions
- Smooth Usability
Conclusion: Elon Quantum AI
The regulator has been proactive in bringing additional dubious cryptocurrency-related items to attention. It issued a warning on Monday on LENA Network, an investment program that includes borrowing, lending, and staking of cryptocurrencies.
Staking arrangements, which entail seizing a specific quantity of cryptocurrency to verify transactions on a blockchain, have raised concerns from the SFC, stating that they may be extremely risky and amount to illegal collective investment schemes.
FAQs: Elon Quantum AI
What is Elon Quantum AI?
Elon Quantum AI refers to a quantum AI trading platform associated with Elon Musk. It claims to use a combination of artificial intelligence and quantum computing to provide lucrative crypto trading opportunities.
Is Elon Quantum AI a Scam?
There have been reports of Elon Quantum AI being linked to crypto scam activities. Always fact check and conduct thorough research before engaging with any suspicious virtual asset trading platforms.
How does the Quantum AI platform work?
The platform called Quantum AI allows users to trade cryptocurrency using generative AI technology. However, there are concerns about its credibility and whether it is capable of providing the promised returns.
Who is behind the Quantum AI platform?
Though it is marketed as an initiative associated with Elon Musk, there are doubts about the authenticity of this claim. Be cautious when dealing with trading platforms that use famous personalities such as Musk to attract users.
What are the red flags associated with Quantum AI?
Several red flags have been raised, such as the platform’s promises of being able to earn too-good-to-be-true returns, suspicions of a scam using deepfakes of Elon Musk, and the lack of proper regulatory approvals from entities such as the Securities and Futures Commission.
Has Quantum AI been covered by reputable news sources?
Despite claims about Quantum AI’s credibility, reputable sources such as the South China Morning Post have not verified its legitimacy. Always rely on trustworthy news outlets for information regarding such platforms.
What actions have authorities taken against Quantum AI?
The Hong Kong Police have been vigilant in cracking down on suspicious virtual asset trading platforms, but specific actions against Quantum AI remain uncertain. It is advisable to stay informed about any legal proceedings related to such entities.
Are there any connections between Quantum AI and Tesla?
There is no legitimate connection between Quantum AI and Tesla, the renowned electric car company founded by Elon Musk. Any claims suggesting ties between the two entities should be approached with skepticism.
