Earlier today, the Hong Kong Securities and Futures Commission (SFC) took decisive action against Quantum AI, an unlicensed cryptocurrency exchange that falsely claimed affiliation with Tesla CEO and Dogecoin ($DOGE) advocate Elon Musk. The fraudulent entity, based in Hong Kong, purported to offer AI-powered crypto trading services developed by Musk himself.
According to a report by Cointelegraph, in a brazen attempt to deceive potential investors, Quantum AI displayed AI-generated videos and images of Elon Musk on its website and social media profiles, suggesting a direct connection between the billionaire entrepreneur and the exchange’s trading technology. The SFC also suspected that Quantum AI had been spreading false and misleading information about itself through an undisclosed news website, promising “too-good-to-be-true” returns to lure unsuspecting crypto enthusiasts in Hong Kong.
The HKSFC swiftly responded to the fraudulent activities by issuing a warning against Quantum AI and directing the Hong Kong police to block the exchange’s website and remove all associated social media pages. This decisive move comes as part of Hong Kong’s ongoing efforts to regulate the cryptocurrency industry and protect investors from unscrupulous actors.
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