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Elon Musk impersonators steal more than $2M in cryptocurrency

San Francisco, Could 18

During the last six months, shoppers have misplaced over $2 million in cryptocurrency to scammers impersonating Tesla and SpaceX CEO Elon Musk, in accordance with the Federal Commerce Fee (FTC).

For years, scammers have posed as Musk to fraud social media customers out of cryptocurrency, The Verge reported.

They use misleading techniques on websites like Twitter, typically utilizing the identical avatar photographs as Musk’s account and barely misspelling his username.

“Guarantees of assured big returns or claims that your cryptocurrency can be multiplied are all the time scams,” the fee mentioned in its report on Monday.

Pretending to be Musk, the scammers will ask victims to ship foreign money to a selected pockets handle in trade for receiving a bigger fee in return.

The scams violate Twitter’s coverage in opposition to misleading accounts, however moderators have struggled to rein within the exercise and it stays prevalent on the platform, the report mentioned.

The $2 million determine was revealed in a bigger report on cryptocurrency printed by the FTC, it added.

Since final October, shoppers reported dropping greater than $80 million in cryptocurrency scams, growing “greater than ten-fold year-over-year,” the fee mentioned. Shoppers lose round $1,900 by means of these scams on common.

–IANS

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