An international fraud gang has been unmasked for conning people through fake investments in virtual currencies.
Hong Kong police recently took down a $46 million crypto romance scam run by a syndicate that operated across multiple countries. The fraudsters used advanced AI to create fake identities, including realistic photos and altered videos, to gain victims’ trust. These deepfake tactics convinced people to invest in fake cryptocurrency platforms.
The scheme targeted men in Hong Kong, China, Taiwan, India, and Singapore, tricking victims into thinking they were making substantial profits. The scammers showed fake transaction slips to display gains that never existed and made small “returns” to the victims to build their confidence and encourage more investments.
The Illusion of Returns
The stolen money was funneled through fake crypto trading companies. The sophisticated scheme included creating realistic fake websites for cryptocurrencies and international coordination to carry out the scam. Police discovered manuals that detailed how the fraudsters planned and practiced their tactics.
Police arrested 27 suspects during a raid on an industrial building. Most of them were young digital media graduates, and some had links to triad groups. They held various roles in the operation, from providing technical support to participating in scam activities.
This case shows the growing danger of crypto scams that use deepfake technology to target people’s financial insecurities. With cryptocurrencies becoming more popular, similar scams may continue, emphasizing the need for caution.
The 27 suspects were charged with conspiracy to defraud, and some were also found with offensive weapons. Authorities are continuing the investigation to trace the movement of stolen funds and uncover the full extent of the fraud.
Don’t be a victim. Learn about the signs of crypto scams and protect yourself today.
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