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Elon Musk fans targeted with fake cryptocurrency schemes

Mar 08, 2018 Posted /  2580 Views

Elon Musk fans targeted with fake cryptocurrency schemes

Elon Musk is one of the most eminent and celebrated names in the technology world. The founder-Chief Executive Officer (CEO) of SpaceX and Tesla Inc. 's co-founder has found his name being used in one of the fraudulent cryptocurrency schemes, BBC News reported on Tuesday.

Scammers were targeting the fans of Musk with a fraudulent scheme involving false promises of giving away vast amounts of the ether. The scammer was posing as Musk on Twitter and creating a thread of tweets under the account of real Musk or one of his companies.

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The tweets asked people to send over some amounts of cryptocurrency in exchange for large sums in return, and people got interested, reported BBC. It is usually straightforward to spot the real and fake Musk because the original one has the verified account badge on the profile which indicates its authenticity but it didn't happen so. The real twitter account of Elon Musk runs with the Twitter handle @ElonMusk, which is quite simple to remember.

Nevertheless, BBC reported that scam spread wide with the help of bots. One of the most prominent media outlets also disclosed that the fake handle @elonmuskik had also tweeted about giving away 3,000 ether on Tuesday in return for a few cryptos deposited into their exchange address. The bots flooded the success of the scheme on Twitter. Interestingly, by 3:30 p.m. ET Tuesday, the fake account was still live and not taken off.

It is noteworthy that Twitter-based cryptocurrency scams are rising and it is not the first time that scammers are using these tactics. Mashable had reported about such incident in late February which was almost identical to this one. Then, the fake Musk handle @elonlmusk had promised 5,000 ether. "To p?rti?ip?te, just s?nd 0.5-1 ?TH to the address b?low and g?t 5-10 ?TH back," it wrote.  

Mashable published that agreeing on the link led to a page that made it resemble like ether was being sent out. A real tracking service of the account revealed that the scammers had taken in more than $16,000.

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