Market
Deepfake AI Drives $46 Million Crypto Scam Across Asia

Hong Kong police discovered a deepfake crypto romance scam, arresting up to 27 perpetrators who had defrauded men out of $46 million.
Cryptocurrency scammers continue to use textbook tactics and sophisticated techniques. Romance scams pass as one of many approaches used to bait unsuspecting victims.
$46M Lost in Crypto Scam With Deepfake AI
Between August and September, Hong Kong police discovered a local scam group operating a well-organized fraud center in a Hung Hom industrial unit. The bad actors leveraged deepfake AI to execute a cross-border cryptocurrency-related romance scam, targeting men across Asia.
The 21 men and 6 women, aged between 21 and 34, were local university graduates majoring in digital media. These technology specialists collaborated with overseas fraudsters and IT experts to develop a fake crypto investment platform.
With this in place, they designed training manuals in Chinese and English to script fake romance stories. Leveraging AI-based “deepfake” technology, they held video chats with their male victims from mainland China, Taiwan, India, and Singapore, among other regions in Asia.
Read more: Crypto Social Media Scams: How to Stay Safe.
The deepfake AI ‘hooked’ the victims on appearances and voices, taking advantage of their emotional needs. The scripts and deepfake Ai made them believe they were establishing romantic relationships with highly desirable women.
“They even discussed future plans with the victims, creating a false sense of happiness to encourage them to continue investing,” Senior Superintendent Fang Chi-kin said.
On this account, the male victims made bogus cryptocurrency investments and ultimately discovered they could not withdraw the funds. The scammers’ operations stretch back to October 2023, managing to defraud victims out of HK$360 million (roughly $46 million).
In romance scams, otherwise termed pig-butchering swindles, perpetrators prey on the victim’s love or emotional interests to establish trust. Ultimately, they convince their victims to invest in fake crypto projects with the promise of lucrative returns. Eventually, they disappear with the money.
Artificial Intelligence Raises Deepfake Scams
Deepfake AI remains a prevalent tool among crypto scammers. The rise of AI is adding to the challenge, aiding perpetrators in executing more convincing schemes. Professor John Griffin from the University of Texas reported in a study that romance scams caused more than $75 billion in losses between January 2020 and February 2024. Based on the study, most of the perpetrators operated out of Southeast Asia.
Bitget Research recently reported a sharp rise in scams using deepfake technology, with malicious activities surging 245% in 2024 alone. Since 2022, these scams have caused losses amounting to $79.1 billion. One US citizen filed a lawsuit after losing $2.1 million in Bitcoin to a scheme run by a Southeast Asian crime syndicate.
In April, the Brooklyn District Attorney’s Virtual Currency Unit dismantled a similar operation. Amid growing concerns, agencies like the Federal Trade Commission (FTC) and the Federal Bureau of Investigation (FBI) have issued warnings about the rise of cryptocurrency-related romance scams.
“No one thinks their online love interest is going to scam them, but scammers are good at what they do,” the FTC said.
Read more: Crypto Scam Projects: How To Spot Fake Tokens.
Deepfake AI scams have extended beyond romance schemes. In June, a deepfake of Elon Musk made headlines during a five-hour livestream, where bad actors impersonated Musk at a Tesla event. Viewers were directed to deposit Bitcoin, Ethereum, and Dogecoin on a fraudulent website. Similar scams, including fake SpaceX giveaways, have also surfaced on platforms like YouTube.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BNB Springs Back From $531 With Unshaken Bullish Conviction

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I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
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Market
XRP Futures Traders Increase Bets on Upside

Over the past week, XRP’s price has remained range-bound amid the broader market’s recovery attempt.
However, with a growing bullish bias toward the altcoin, XRP may be on the brink of breaking free from this range and trending upward. This analysis explains why.
XRP Futures Traders Bet on Upside as Long Positions
The momentum shift towards the bulls has become evident, particularly within the futures market, where long bets on XRP are now surpassing short positions. This is reflected by the token’s XRP’s long/short ratio, which is currently at 1.07.

The long/short ratio measures the proportion of long positions (bets on price increases) to short positions (bets on price declines) in the market.
When its value is below one, it indicates that the number of short positions outweighs long positions in the market, suggesting bearish sentiment or a lack of confidence in the token’s future price performance.
As with XRP, when an asset’s long/short ratio is above one, it means there are more long positions than short ones. It indicates that traders are predominantly bullish on XRP and hints at a higher likelihood of an upward breach of its narrow range.
In addition, XRP’s relative strength index (RSI) has climbed steadily, indicating a gradual rise in demand for the token. The key momentum indicator, at 50.77, currently rests above the neutral line and is in an uptrend.

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
At 50.77, XRP’s RSI signals a shift toward bullish momentum. It indicates that buying pressure is starting to outweigh selling pressure, and the asset may be poised for further price increases.
XRP Eyes $2.18 Resistance as Bulls Look to Push for $2.29
XRP currently trades at $2.13, just 3% away from its next significant resistance level, $2.18. If buying pressure intensifies and the altcoin successfully flips this price point into a support floor, it could trigger further price growth. In this scenario, XRP could potentially climb to $2.29.

However, if demand weakens and the bears regain control, XRP may remain range-bound. It could even break below the $2.03 support and fall to $1.99.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Optimism, Aztec, and Huma Finance

The crypto market is attempting a recovery, with Bitcoin (BTC) nearing the $90,000 milestone. Amidst improving sentiment, several startups are launching enticing airdrops, providing crypto enthusiasts with opportunities to engage with budding platforms without initial financial input.
This week, we discuss airdrop participation opportunities from three projects with financial backing from renowned investors.
Optimism
Layer-2 blockchain Optimism is one of the top three crypto airdrops this week. The Optimism crypto airdrop comes after the network raised $267.50 million from key investors such as Andreessen Horowitz, Coinbase Ventures, Paradigm, and IDEO CoLab Ventures, among others.
The airdrop concerns a SuperStacks Campaign, which opened on April 16 and will remain until June 30.
“With many chains building as one, a new network structure is emerging to solve fragmentation in Ethereum. This network is modular, interoperable, and composable by default. We call it the Superchain: and it changes everything,” Optimism explained.
Rewards are in the form of points, awarded for interacting with the projects. Airdrop farmers also get rewarded for providing liquidity to superchains, scalable blockchains combined into a single ecosystem to solve Ethereum fragmentation.
Actual tasks bring 10 EXP (experience points) per $1 of daily liquidity. In the past, Optimism held five airdrops, giving away over 265 million tokens.
“You may be eligible for the 6th airdrop without realizing it. In the system, we collect badges as you perform operations on Optimism. However, since it counts your previous operations when you log in, you may have opened many badges.,” one airdrop farmer explained.
This means even minimal effort could yield rewards. However, participating in the Optimism airdrop does not guarantee future rewards. Instead, it only provides an opportunity to earn points.
Aztec
Another top crypto airdrop to watch this week is Aztec, bringing forth a privacy-focused Layer-2 zero-knowledge (ZK) rollup on Ethereum.
Aztec is backed by $119.1 million in funding from investors such as Andreessen Horowitz (a16z), Paradigm, Consensys, and Coinbase Ventures.
The project has garnered significant attention, following talks of a native AZTEC token and a confirmed retroactive airdrop for early users.
On April 17, the network announced the Aztec Sequencer Form, front-running a public testnet. Interested participants were asked to fill out the form to gain early access to the testnet.
Historically, blockchain projects reward testnet participants with tokens. Based on this, Aztec’s funding and investor backing increase the probability of an airdrop.
Huma Finance
This week, the watchlist also includes Huma Finance, the first PayFi (Payment Finance) network built on Solana. The project focuses on transforming global payment settlements using blockchain technology.
Huma Finance launched the second version of point farming, which is available only on the Solana network. Participants can deposit USDC tokens and earn Feathers (points). Notably, no KYC is needed in this version, and more pools are available.
Recently, the project announced social and deposit quests on Galxe, allowing users to complete these quests and try to win a share of $2,000. Notably, participants should have at least lvl 2 of Web3 Passport.
“Huma 2.0 is The Next Wave! Now anyone can earn real yield and stack rewards, exclusively on Solana. New quest is LIVE on Galxe Quest. Join the PayFi movement for a chance to grab a share of $2000 USDC,” the network shared.
The project also launched a point farming program, in which participants can deposit USDC tokens into one of the pools. For this activity, users must pass KYC.
Meanwhile, Huma Finance boasts up to $46.3 million in funds raised from backers such as HashKey Capital, Circle, ParaFi Capital, and Distributed Global.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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