PANews reported on January 5 that according to Phoenix.com, the Hong Kong police recently cracked down on a fraud group that used Deepfake technology to trick others into investing in virtual currency, involving an amount of about 34 million yuan. The group used fake identities on social platforms to build trust with victims, tricked them into investing in fake platforms, and quickly transferred funds. The police arrested 31 people at the fraud center in Kowloon Bay, of which 5 were charged with conspiracy to defraud and money laundering. The case is still under further investigation.