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Tesla Boss Elon Musk Gets Falsely Associated with Another Crypto Scam

Tesla Boss Elon Musk Gets Involved in Another Crypto Scam

According to recent reports, there was recently an increase in the number of cryptocurrency scams on Twitter, that attempted to trick unsuspecting investors into giving away their money. However, these scams used a different approach than the standard ICO scams. Instead, they relied on impersonating the CEO of Tesla and SpaceX, Elon Musk.

Elon Musk impersonators on the rise

Musk is a well-known entrepreneur who had started a number of companies and had become a popular internet personality along the way. He is especially known for using Twitter for spreading the word about his companies’ new achievements, but also for participating in some areas of popular culture.

However, one thing that Musk is not known for is taking part in the cryptocurrency industry. In fact, he was especially careful to not even give hints that he is a crypto investor or to support any projects. The only instance when he directly addressed cryptocurrencies in a supportive manner was when he commented on Bitcoin, stating that he thinks it brilliant.

Apart from that, Musk stood on the side and let the crypto industry evolve without him in it. However, this is also something that a lot of investors do not know, which is why scammers often try to impersonate him to bring attention to fake projects or campaigns.

According to recent reports by the British media, there was recently an entire slew of crypto scams on Twitter. Some of the ringleaders of these scams attempted to impersonate Musk in order to trick investors into sending their funds to the scammers’ wallets.

The newest scams of this type offered a new Tesla Model S to anyone who sends 1 BTC or 10 ETH to certain wallet addresses. The scammers also claim that this rather incredible opportunity comes as a new campaign meant to increase the awareness of Tesla cars and that it was created by the company’s official marketing department.

Naturally, none of it is true, and the scam might seem quite obvious at first. However, according to reports, a lot of cryptocurrency users have fallen for the scam recently. The scammers were also known to praise crypto transparency, and recognize it as the ‘best asset.’

Musk’s name was used in this way before

As some may know, this is far from the first time that Elon Musk’s name has been used to trick gullible crypto investors on Twitter. Last year, in 2018, Musk saw an attack of an entire army of Ethereum scams and spambots. One of these was the well-knowBitcoin Revolution scam.

This resulted in Twitter banning any account that uses his name, although the rule was revoked after some time. Now, it appears that bad actors are using the opportunity again.

It should also be noted that Musk is not the only well-known individual that was victimized by scammers in such a way. Another celebrity whose name was misused similarly was Jeremy Clarkson, a former ‘Top Gear’ superstar.

Clarkson’s name got involved in a scam known as the ‘Bitcoin Revolution,’ which became quite infamous ever since. The scam revolved around the creation of fake articles that mentioned numerous celebrities that are supposedly cryptocurrency supporters. Such articles quickly spread around social media networks, which led to more people investing in scammy projects and losing their money.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.