Elon Musk impersonators make bank

Scammers are impersonating Elon Musk and other prominent crypto figures to dupe naive investors out of their coins at an accelerated rate.

The United States Federal Trade Commission has found that crypto scammers’ profits spiked in the last two months, noting a surge in fraudulent impersonators posing as prominent figures associated with digital assets, such as Elon Musk.

The findings report that cryptocurrency investment scams rose sharply in October 2020 as the impacts of coronavirus pandemic and lockdown deepened, with nearly 7,000 people reporting losses of more than $80 million to digital asset scams over the six months that followed.

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The FTC’s Consumer Sentinel notes many of the thefts arose from giveaway scams where con artists pose as celebrities or crypto influencers and falsely promise to multiply cryptocurrency deposits sent to their wallet. More than $2 million in digital assets were to Elon Musk impersonators over the past six months.

The data shows an overall increase in losses to crypto scams by roughly twelve times year-over-year. The median loss reported by victims has also spiked nearly 1,000% to $1,900 in 12 months.

On May 11, Business Insider reported that fraudsters took advantage of the Tesla CEO’s appearance on the Saturday Night Live show on May 8 to pocket $5 million worth of DOGE.

Anybody can get some, just visit the website.”

Victims were asked to transfer DOGE to a fake address to double their holdings. As of Sunday, May 9, the FTC identified scam addresses that had received about 9.7 million Dogecoin worth $5 million.

Elon Musk impersonators make bank

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Elon Musk impersonators make bank

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