A German man was defrauded of $ 560,000 worth of Bitcoin by a scammer representing Elon Musk – USA Herald
Fraud pretends to be Elon Musk’s Tesla boss
A German trader said he was defrauded of $ 560,000 worth of Bitcoin because of a cryptocurrency scheme. The German man said a scammer tricked him into pretending to be Elon Musk. reported the BBC.
The pseudonymous German victim from Cologne described the process of the scheme he fell for – which wiped out most of his fortune – and thought Musk would double his money. According to the BBC, his loss is considered one of the biggest thefts in “giveaway scams”.
Elon CEO of Tesla (NASDAQ: TSLA) is a huge fan of cryptocurrencies. In January, Musk’s electric car maker Tesla invested $ 1.5 billion in Bitcoin when the digital token traded at around $ 33,000. In addition, Musk is considered a proponent of Dogecoin – the meme-based digital token. He even called himself CEO of Dogecoin on his Twitter profile.
Consequently, scammers try to defraud victims by impersonating Elon Musk on various platforms. For example, the German victim fell for a website scam that promised readers to double their bitcoin as a giveaway from billionaire Musk.
How the bitcoin scammer betrayed his victim
The German told the BBC that he clicked on one of the links imitating Musk’s profile and tweets. The professional looking website directed victims to an offer asking attendees to send money to the “wrong” Elon. Then he promises them to retransmit twice as much of what they sent. The offer said it would double quantities between 0.1 bitcoin and 20 bitcoin, roughly $ 5,600 and $ 1.1 million at the March 16, 2021 price.
To make it more real, the website scammer added a ticking timer to make the victim’s decisions more urgent. As a result, the German had to act quickly and sent all of his Bitcoin holdings worth around $ 560,000. The BBC reported that the German victim thought, “This is definitely real.”
Although the BBC didn’t have screenshots of the scam website, it shared a now-deleted page on Medium showing scammers trying to scam victims with giveaways.
A screenshot of a now-deleted page claiming to be giving away Bitcoin from Elon Musk.A screenshot of a now-deleted page claiming to be giving away Bitcoin from Elon Musk. medium
The website owner and the scammer do not have any links to Musk, but the victims fell for the scam.