Latest fake Elon Musk crypto giveaway scam costs man $550,000 in BTC

 Latest fake Elon Musk crypto giveaway scam costs man $550,000 in BTC

Latest fake Elon Musk crypto giveaway scam costs man $550,000 in BTC

The most recent Bitcoin giveaway rip-off to pop up on Twitter has claimed an enormous sufferer final month, with a German man telling BBC that he despatched 10 BTC, value over $550,000 at press time, to the scammer believing it might double his cash.

One other Elon Musk giveaway rip-off claims first sufferer

Whereas cryptocurrency scams have been round so long as cryptocurrencies have, it’s not typically {that a} comparatively easy Twitter giveaway manages to accrue as a lot as 10 BTC.

Nevertheless, that is precisely what occurred on the finish of February, when a scammer impersonating Elon Musk on Twitter managed to dupe a person out of over $550,000 value of bitcoin. Based on a report from BBC, scammers replying to Musk’s tweet “Dojo 4 Doge” on Feb. 24 shared hyperlinks to a pretend giveaway. The hyperlinks led to a professional-looking web site that promoted a suggestion by which folks may ship Musk BTC and obtain twice as a lot in return. The web site provided to double portions between 0.1 and 20 bitcoins.

Screengrab showing the now-deleted page promoting a fake BTC Elon Musk giveaway
Screengrab displaying the now-deleted web page selling a pretend BTC Elon Musk giveaway. (Supply: Enterprise Insider)

The now-deleted Medium web page alleged that Tesla’s advertising division was organizing the giveaway. Customers that despatched 4 BTC or 150 ETH had been promised a Grand Prize within the type of the newest Tesla Mannequin S.

Screengrab showing the rest of the deleted Medium page promoting the giveaway
Screengrab displaying the remainder of the deleted Medium web page selling the giveaway. (Supply: Business Insider)

2021 might be a record-breaking yr for giveaway scams

Based on BBC, giveaway scams have already made greater than $18 million within the first quarter of the yr. This can be a vital improve from 2020 when scammers made $16 million for all the yr.

And it’s not simply the scamming quantity that’s rising—it’s the variety of victims, too. Knowledge from cryptocurrency analytics firm Whale Alert means that the variety of victims in 2021 will eclipse the earlier three years—in 2020, round 10,500 fell for the scams, whereas the primary three months of 2021 already claimed 5,600 victims.

Chart showing the number of giveaway victims from 2018 to 2021
Chart displaying the variety of giveaway victims from 2018 to 2021. (Supply: BBC)

Frank van Weert, the founding father of Amsterdam-based Whale Alert, stated that was inconceivable to say why the scams have elevated each in numbers and in success.

“We don’t have any information to clarify it, however it might be associated to the broader Bitcoin market. When the Bitcoin worth goes up, folks go loopy and plenty of them are new to the market they usually need this concept of fast cash,” he defined.

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Posted In: Bitcoin, Scams

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