Scammers reportedly exploited “the Dogefather’s” appearance on the Saturday Night Live show on May 8 to defraud Dogecoin holders of several million. Per a report, the fraudsters took off with nearly 10 million DOGE.
Ahead of his appearance on SNL, Elon Musk shared a tweet referring to himself as “The Dogefather.” Following the tweet, the coin rose to an all-time high. This led to an expectation build-up from Doge holders.
While the show was being broadcast, many Youtube accounts claimed to be streaming the show live. However, they were reportedly run by scammers. According to reports, they claimed that Musk donated 500,000,000 DOGE to be distributed to Doge holders.
The scammers lured users to a site where they would send their Dogecoins to a specified address and in return receive double the amount. The address provided by the scammers had received nothing less than 9.7 million Doge, worth about $5 million that period, the report reveals.
“Crypto giveaway scams are not new, says the FBI, and Americans lose hundreds of millions each year to such activities.” It won’t be surprising if the proliferation of crypto frauds induces a more severe crackdown on the cryptocurrency industry.
Dogecoin Holders’ Crushed Hopes
The performance of Dogecoin year-to-date has been nothing short of unexpected and surprising. Endorsements from the likes of Elon Musk and Mark Cuban have pushed the coin into a meteoric rise. This year, Dogecoin coins
As per reports, Doge holders were expecting the meme token to shoot up due to Musk’s appearance on the show. While the price posted a record high that night, it didn’t take long before it came plummeting. Dogecoin price dropped by nearly 25% that night.
Since then, Dogecoin has continued to slide downwards. DOGE is down by nearly 5.4% in the last 24 hours and was trading around $0.4821, at press time.