A cryptocurrency exchange platform employing artificial intelligence (AI) generated videos and images of Elon Musk deceitfully bolstered its trading services, leading to intervention by Hong Kong authorities.

The platform, known as Quantum AI, fraudulently claimed an unverified affiliation with Musk, the renowned Tesla CEO and avid supporter of Dogecoin (CRYPTO:DOGE).

It falsely advertised that Musk was the brain behind its AI technology designed for crypto trading, a statement that captured the attention but led to scrutiny.

The Hong Kong Securities and Futures Commission (HKSFC) subsequently issued a warning against Quantum AI, denouncing it as an unlicensed entity operating under false pretenses.

Quantum AI, which established its misleading identity through a now-inaccessible website, utilised AI to craft convincing yet fabricated videos and images of Musk to endorse its services across various online platforms.

This cautionary tale serves as a reminder of the sophistication and credibility fraudulent operations can seemingly possess amid the burgeoning realm of cryptocurrency and AI technology.