Scam Alert: Fake Elon Musk Bitcoin and Ethereum Giveaway Exposed

Recent reports have emerged about a widespread scam that falsely claims Elon Musk is giving away large numbers of Bitcoin (BTC) and Ethereum (ETH).

Posts circulating on social media, particularly those imitating Tesla and X (formerly Twitter) events, claim that Musk is hosting a large-scale cryptocurrency giveaway. These posts guide users to websites that look like genuine Medium posts by Musk, encouraging participation in the supposed giveaway.

Discrediting the Authenticity of the Giveaway

Elon Musk never announced such a cryptocurrency giveaway. Musk has a great business mind and has yet to make a historical precedent for giving away assets without purpose. The possibility of X giving away over $600,000 in cryptocurrency is quite farfetched when considering the platform’s current financial struggles and negative cash flow.

Furthermore, the websites via which this fraud is being advertised are fake and have nothing to do with Musk, Tesla, or Tesla X. The domains have been registered recently and privately, typical behavior of fraudsters around detection. Such shadowy domains include event-promotion.info and event-finance.net, registered between early and mid-May of 2024.

The scam works like the typical “double-up” cryptocurrency con. Instead of getting BTC or ETH, participants are expected to remit their cryptocurrency to an address under the promise that they will receive double in return. For instance, users are told to send in between 0.05 and 2 BTC to get back double, which is an outright fraud. Any cryptocurrency sent to such addresses is lost forever, with no returns or bonuses as proclaimed.

To further entice users, the scam offers special bonuses on large transactions—an example is a 40% bonus if you send 1+ ETH or a 200% bonus if you send 40+ ETH. These offers are formulated to prey on users’ greed and make them send larger volumes that result in more significant losses.

Protecting Yourself from Cryptocurrency Scams

Users should be careful to check the authenticity of any crypto giveaway or promotional event permanently attached to big names in headlines, such as Elon Musk. Musk or his associated firms usually make genuine announcements via official platforms or verified social media handles.

In addition, these scamming schemes are likely to cause substantial financial losses and private data leakage. Always research before investing in any online cryptocurrency deals.