Crypto Scammers Impersonate Elon Musk in Fake Giveaway
In a joint effort, SpaceX and BitOK have uncovered a fraudulent crypto giveaway carried out by scammers posing as Elon Musk. The scam managed to raise $165,000 in donations.
Deepfake Elon Musk YouTube Streams Removed
The scammers used deepfake technology to create live YouTube streams featuring a fake version of Elon Musk. These streams have since been taken down.
QR Code on Broadcast Leads to Fraudulent Website
According to a report shared with crypto.news, users were directed to a website through a QR code displayed during the broadcast.
Fake Website Promises Crypto Reimbursement and Bonus
The website instructed participants to send cryptocurrency to specified addresses and wait for transaction processing. They were promised a reimbursement to their wallets along with a 200% bonus.
BTC Address Used to Collect Donations
The scammers collected donations using the BTC address bc1qc4rwqqf0q75rn032knwkvxtrdm4vurkusr8s4k. A total of 2.48 BTC, equivalent to approximately $91,566, was collected and later transferred to the address bc1q6yjkfe0edtyn4luwskx30gg35r7eclllfsp3jg.
Funds Rerouted to KuCoin Exchange
From the address bc1q6…sp3jg, 1.25 BTC was sent to the deposit address of the KuCoin exchange 3NcPowGtnnUxsgFSeCUoiaXW2MtcHUjXF4. The remaining balance was rerouted to the change address bc1qwyrv7wkuqh79gk9uu9zjhc2sutyw80ksk4qjug and then to the same KuCoin deposit address.
Crypto Scams on the Rise in 2023
This scam is just one example of the increasing fraudulent activity in the crypto space. In October alone, over $32.2 million was lost to crypto scams and security incidents. Vulnerabilities, exit scams, and flash loan manipulations are identified as the main causes. In November, the total amount stolen from hacks reached $290 million.
Hot Take: Crypto Scammers Exploit Elon Musk’s Name for Fraudulent Activities
Scammers continue to find new ways to deceive unsuspecting individuals in the crypto industry. By impersonating high-profile figures like Elon Musk, they gain credibility and manipulate people into sending them money. This recent fake giveaway orchestrated by scammers shows the lengths they are willing to go to carry out their fraudulent schemes. It serves as a reminder to always exercise caution and verify information before engaging in any crypto transactions or investments. Stay vigilant and protect yourself from falling victim to these scams.
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