A startup cryptocurrency exchange in Hong Kong asserts that Elon Musk is apparently the main creator of the company, allegedly via a deepfake insertion online. 

There was a cautionary note released by the Hong Kong Securities and Futures Commission regarding deepfake incidents doing the rounds and attributing it to Quantum AI. 

Incidentally, this is nothing new in the crypto space, with fraudsters trying to utilize Elon Musk’s established face in the industry for hoodwinking users. 

SFC divulged the websites of the fraudulent company and labeled it unlawful. Over and above that, the company introduced a news-related site showing Musk indulging in talk regarding his investment in the startup. 

The SFC refutes that Elon Musk has nothing to do with the startup, and every aspect is misleading. It is working hand in glove with the police of Hong Kong to cut all available connections to the site and social media postings. 

There was a time when Musk went against Twitter, before its takeover by him, for encouraging misleading information and permitting its happening. There was a Bitcoin-related scam that also involved Musk in its fraudulent activities. 

Despite it not being true, Facebook flagged it as above board and passed it off as legal and correct. 

Musk’s inclination towards cryptocurrency convinced people that he was the man behind Dogecoin. 

In the case of the crypto exchange startup, it is trying to repeat the exercise of utilizing the deepfake about Musk with extra caution as there is awareness regarding the actual truth.