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Crypto Firms Alleged to Have Faked Execs Using AI and Actors: Cali Regulator

On April 19 the California Department of Financial Protection and Innovation (DFPI) issued desist and refrain orders against five entities purporting to use AI to trade crypto assets including Harvest Keeper, Visque Capital, Coinbot, and QuantFund, along with Maxpread Technologies and its CEO Jan Gregory Cerato.

According to the regulator two of the firms even faked their CEOs. The purported technology firm Maxpread is alleged to have used an AI-generated avatar called “Michael Vanes” to act as CEO and market its products, with the supposed avatar appearing in YouTube promotions.

Harvest Keeper, which claims it's a crypto trading firm, was accused of having hired an actor to play the role of its CEO Markus Peters. The DFPI said Harvest described Peters as being the “leader” and “main generator of ideas.”

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