Scammers Impersonate Elon Musk to Profit From the Ignorance Of Novice Crypto Traders

Fraudsters impersonating Tesla’s CEO and other prominent personalities in the crypto space are increasingly banking on the ignorance of naive cryptocurrency investors to exploit them via multiplication scams.

The findings made by the Federal Trade Commission of the United States have reported massive growth in the profits made by crypto scammers that trick investors into giving others their digital assets by pretending to be notable public figures like Elon Musk.

As an aftermath of the coronavirus pandemic, the rise in cryptocurrency scams has increased exponentially from October 2020. According to reports, over 7,000 people have been scammed of their digital assets to the tune of $80 million.

A major method the scammers use is the false representation of public personalities on social media, urging the public to send a specific amount in chosen digital currencies to the scammers’ wallets to multiply their digital assets and send them back. 

Elon Musk as the False Face of an Increasing Scam Format

The profile of Tesla’s CEO Elon Musk has been the most impersonated. This is due to the popularity of the billionaire and his open interest in cryptocurrencies – a trait that has endeared the lovers of crypto to him.

Impersonators disguising themselves to be Elon Musk have defrauded ignorant persons of over $2 million from October 2020 to March 2021. Business Insider has reported that scammers cashed out over $5 million in Dogecoin after Musk made an appearance for the Saturday Night Life programme.

The scammers impersonating the CEO were reported to set up live YouTube streams during the programme, targeting viewers that searched for the SNL live stream. The viewers who clicked into the scammers’ channels were prompted to follow links given out to get a share of a DOGE giveaway from Elon Musk.

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