Hong Kong police uncovered a cryptocurrency fraud scheme using deepfake technology worth 43 million USD. Twenty-seven people were arrested, including university graduates.
The fraudsters used artificial intelligence to replace faces in video calls, posing as attractive women. This helped them gain the trust of victims across Asia, including Singapore, China, Taiwan, and India. After gaining trust, they would persuade victims to invest in cryptocurrency, showing fake profit reports.
During the raid, the police seized mobile phones, computers, luxury watches, and cash. The arrested individuals were charged with fraud.
