Newest pretend Elon Musk crypto giveaway rip-off prices man $550,000 in BTC

 Newest pretend Elon Musk crypto giveaway rip-off prices man $550,000 in BTC


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

The newest Bitcoin giveaway rip-off to pop up on Twitter has claimed a large sufferer final month, with a German man telling BBC that he despatched 10 BTC, price over $550,000 at press time, to the scammer believing it will 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 usually {that a} comparatively easy Twitter giveaway manages to accrue as a lot as 10 BTC.

Nonetheless, 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 price of bitcoin. In accordance with 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 might ship Musk BTC and obtain twice as a lot in return. The web site supplied to double portions between 0.1 and 20 bitcoins.

Screengrab showing the now-deleted page promoting a fake BTC Elon Musk giveaway
Screengrab exhibiting 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 and marketing division was organizing the giveaway. Customers that despatched 4 BTC or 150 ETH had been promised a Grand Prize within the type of the most recent Tesla Mannequin S.

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

2021 could possibly be a record-breaking yr for giveaway scams

In accordance with BBC, giveaway scams have already made greater than $18 million within the first quarter of the yr. This can be a important enhance from 2020 when scammers made $16 million for your entire yr.

And it’s not simply the scamming quantity that’s growing—it’s the variety of victims, too. Information 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 exhibiting the variety of giveaway victims from 2018 to 2021. (Supply: BBC)

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

“We don’t have any knowledge to elucidate it, however it could possibly be associated to the broader Bitcoin market. When the Bitcoin worth goes up, folks go loopy and quite a lot of them are new to the market and so they need this concept of fast cash,” he defined.

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Posted In: Bitcoin, Scams

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