Elon Musk impersonators manage to steal over $2 million in crypto scams

Impersonators of Elon Musk have stolen $2 million from venture capitals in cryptocurrency frauds for the last 6 months.

The robbery is part of a giveaway fraud, in which scam artists show off as famous people in the crypto world. They promise to the buyers that they can ”multiply” the cryptocurrency they send, but instead, they profit for themselves.

Crypto frauds are not something new, they have been going around since October last year. However, according to a data by the FTC, their highest peak reached a record in the beginning of 2021.

The CEO of Tesla Elon Musk, has supported cryptocurrencies. An SEC filing back in February, shows that Tesla bought $1.5 billion worth of bitcoin. Later on in March, Musk stated that Tesla would receive bitcoin for machine purchases.

SpaceX – Musk’s company, also stated that it would receive dogecoin as full purchase for a flight to the moon in the beginning of 2022, further referring to himself as the ”dogefather”.

According to the FTC, bitcoin’s increase has made new buyers more interested to profit, by throwing themselves into the hands of frauds, since crypto is often considered a mysterious territory for buyers.

Moreover, the FTC also stated that around 7,000 people reported fake crypto funding from October until March, with a loss of $80 million in total.

When compared to last year, that’s around 12 times the number of reports and nearly more than 1,000% losses. And these losses may even be much more considering the fact that the data only collects the scams reported by the clients.

Buyers aged 20 to 49, were 5 times more prone to report the loss of money on cryptocurrency frauds, according to the FTC.


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