- Scammers commonly rely on the face and name of Elon Musk
- Hong Kong targets fake cryptocurrency exchange impersonating Elon Musk
- This is a wider campaign against cryptocurrency-related frauds
Scammers commonly rely on the face and name of Elon Musk
Elon Musk is a controversial person who has been involved in various social media and cultural scandals due to his speeches or steps when managing social media platform X or even his new technology businesses like Tesla. However, his popularity and the fact that not every person likes him can be used in many ways.
People make fake scams using his face and likeability or make cryptocurrency-focus scams to attract people just by including his name. People link him to good crypto advice and financial gains, so advertising campaigns or even meme coins created with alleged links to him might bring profit for scammers.
Over the years, several fake campaigns and scams have used Elon Musk's name to trick people. One common scam involves fake giveaways on social media. Scammers create posts or ads that look like they are from Elon Musk or his companies. They promise that if you send them cryptocurrency like Bitcoin, you will get more back as part of a special giveaway.
However, once you send your cryptocurrency, you receive nothing in return. This scam has tricked many people because it uses fake accounts that look very real, sometimes even copying the official accounts' exact style and profile pictures.
Another scam is related to fake investment opportunities. Scammers send emails or create ads that claim Elon Musk is behind a new investment platform, usually something to do with cryptocurrency. They say this platform can make you a lot of money quickly. The websites for these scams can look very professional, and they often have fake testimonials and high returns promises. Once you invest money, scammers might disappear or keep asking for more money with various excuses[1].
Email phishing is another technique scammers use to get Elon Musk's name. They send emails pretending that Musk is the one sending them or that they come from his companies, claiming you have a chance to join a special project or receive a grant. These emails look official and ask for your personal information or a fee to "confirm your participation." Once the scammers have your information or money, they vanish. Your digital wallet might be wiped empty in a matter of minutes, and most people notice that when it is too late.
Hong Kong targets fake cryptocurrency exchange impersonating Elon Musk
These scams are harmful because they use people's trust and excitement for Elon Musk and his innovative projects to trick them out of their money. It's always important to check the authenticity of any offer or campaign claiming to be associated with well-known figures like Elon Musk. These scams and fraudulent methods even seem more believable to consumers when Elon Musk releases statements about the future of the dollar[2].
The technology mogul issued a warning on the US dollar and its future. He said that it 'will be worth nothing' of the national debt is not addressed. He often advocated and supported various cryptocurrency projects and businesses. This warning highlighted the potential collapse of the dollar's value. People can possibly link his talks on finance and the global economy to these crypto promotions and other fraudulent campaigns.
Recently, new methods have been used, and fraudulent activities have attracted particular Hong Kong agents. The Hong Kong Securities and Futures Commission (SFC) has warned about Quantum AI, suspected of being involved in scams related to virtual assets. The SFC says that Quantum AI allegedly used deepfake technology to create images and videos that made it look like Elon Musk was endorsing their cryptocurrency trading services.
This was part of their strategy to attract investors who would think that the well-known businessman had approved their platform. According to a local report, Quantum AI claimed its technology is popular in Hong Kong and can deliver very high returns on cryptocurrency trades. This claim and the fake media involving Elon Musk raised suspicions that Quantum AI was trying to mislead potential investors with false information[3].
This is a wider campaign against cryptocurrency-related frauds
In response to the recent findings, the Hong Kong Police Force has blocked access to the Quantum AI website and removed its presence from social media platforms. These measures aim to prevent the spread of misinformation and safeguard investors from potential fraud.
A report circulated on a news website claimed that residents of Hong Kong were utilizing Quantum AI's technology to trade cryptocurrencies and achieve remarkably high profits. This raised concerns, prompting the Securities and Futures Commission (SFC) to monitor the situation closely.
The SFC worries that those associated with Quantum AI might attempt to perpetuate the scam through new websites and social media accounts. They advise investors to exercise caution and thoroughly vet any services related to virtual assets before engaging with them.
In response to the challenges posed by Quantum AI, the SFC has issued warnings about other cryptocurrency exchanges and services. For instance, MEXC was found to be offering cryptocurrency advice for free on social media and chat groups, encouraging people to make purchases. Similar to the actions taken against Quantum AI, access to MEXC's websites has been restricted.
Furthermore, the SFC cautioned the public about the risks associated with using unlicensed virtual asset trading platforms such as BitForex and Bybit. These platforms were identified for offering unregistered financial products, posing significant risks to investors. The SFC has taken steps to block access to its websites and social media pages to prevent individuals from falling victim to deception and financial losses.
