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Elon Musk impersonators reportedly stole over $2 million in cryptocurrency scams

The FTC reports that scammers impersonating Elon Musk have stolen over $2 million.

Donovan Erskine

May 17, 2021 1:15 PM

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Elon Musk is certainly one of the most influential figures in the growing world of cryptocurrency. Look no further than the impact he has on the market with a simple tweet or television appearance for examples how so. Now, people looking to make an underhanded come up are using Musk’s name to scam others out of their crypto. According to the FTC, Elon Musk impersonators have stolen over $2 million in cryptocurrency scams.

This news comes directly from the FTC (Federal Trade Commission). The organization posted a report on May 17, 2021 which details how scams related to cryptocurrency have skyrocketed since October 2020. It’s in this piece that we learn about the Elon Musk impersonators.

“There are ‘giveaway scams,’ supposedly sponsored by celebrities or other known figures in the cryptocurrency space, that promise to immediately multiply the cryptocurrency you send. But, people report that they discovered later that they’d simply sent their crypto directly to a scammer’s wallet. For example, people have reported sending more than $2 million in cryptocurrency to Elon Musk impersonators over just the past six months.”

With Elon Musk being such an influential figure for those invested into the world of cryptocurrency, scammers are using that popularity to dupe unsuspecting investors out of millions of dollars in crypto. With so much of the discourse surrounding cryptocurrency happening entirely online, whether it be on social media or in forums, the FTC points to the easy anonymity of online culture as a leading cause of scam.

Interest in cryptocurrency has certainly risen over recent months, especially when you consider the current situation surrounding Dogecoin. It’s this influx of newcomers that has led to a sharp rise in scams, as those with malicious intent look to prey on beginning investors. For more on cryptocurrency and Elon Musk, stick with us here on Shacknews.

Donovan Erskine

News Editor

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_