Submit-SNL Elon Musk Scams Rake in $300K in Bitcoin, Ethereum and Dogecoin



Briefly

  • Scammers used Elon Musk’s high-profile look on Saturday Evening Reside to con folks out of almost $300k.
  • The rip-off is the oldest trick within the guide: utilizing faux accounts to rake in crypto for phony giveaways.

Cybercrooks swindled almost $300,000 in cryptocurrency from would-be traders over the weekend by utilizing the hype round Elon Musk’s Saturday Evening Reside look to rip-off folks, in line with information launched right this moment. 

Elon Musk appeared on Saturday Evening Reside on the weekend—and briefly promoted his favourite cryptocurrency, Dogecoin. The meme coin dipped in worth following his look but it surely was the right alternative for scammers to make use of the eccentric billionaire as a entrance for a con. 

Scammers arrange a minimum of 20 Saturday Evening Reside and Elon Musk Twitter accounts and requested folks to ship their Bitcoin, Ethereum or Dogecoin to dodgy addresses, MalwareHunterTeam, a web site that tracks malware exercise on-line, wrote in a Monday tweet.

On the time of writing, the felony addresses had obtained $191,293 in Bitcoin and Ethereum, and almost $90k in Dogecoin.

The con artists claimed that by sending the crypto to a listed deal with, extra crypto can be despatched again in return. This trick is nothing new and has plagued social media for years.

“Any such scamming goes for very long time, folks misplaced tens of millions (if we depend with the costs proper now, tens of tens of millions) of $ in cash and there may be nonetheless no indicators of actual care about this from Twitter,” MalwareHunterTeam mentioned, referring to scams from years again. 

By utilizing verified accounts that replicate the profiles of Elon Musk or Saturday Evening Reside, folks fall simply for such scams, MalwareHunterTeam wrote in a unique tweet.

As a result of the profiles look actual and typically have the blue Twitter verification tick, persons are all of the extra vulnerable to pondering the “giveaways” are real.

Final July, a extra subtle crypto Twitter rip-off made headlines. The high-profile accounts of a variety of celebrities—together with Elon Musk, Joe Biden and Kim Kardashian—had been truly hacked and utilized by scammers to advertise a faux Bitcoin giveaway scheme. Not less than $120,000 was despatched in Bitcoin donations to a fraudulent deal with.

The conman behind the hack, 17-year-old Graham Ivan Clark, was sentenced to a few years in jail and three years of probation in March after pleading responsible to monetary fraud costs.

Fraudsters have lengthy used phoney celeb endorsements to trick folks into sending them their crypto. Elon Musk—a Twitter loudmouth and world’s richest man—is ceaselessly used as a face for scams. Final 12 months, a Bitcoin account that appeared as if it was owned by Elon Musk (as a result of it had his title within the deal with) obtained $2 million-worth of Bitcoin in two months. 

And extra not too long ago, in March, a faux web site pretending to be the tech entrepreneur obtained despatched $243,000 on this planet’s largest crypto. 

The UK’s Monetary Conduct Authority has repeatedly warned that it’s frequent for criminals to make use of faux celeb endorsements on social media—usually accompanied with photos of high-priced items—to set traps for would-be traders.





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