Scammers impersonating Elon Musk have stolen more than $ 2 million in cryptocurrency since October, US FTC says

Scammers who took the form of Elon Musk have stolen more than $ 2 million (about Rs 14.63 crore) in cryptocurrency since October last year, the Federal Trade Commission (FTC), an American consumer protection body, reported on Monday. New data from the FTC also shows that around 7,000 people have been cheated since October 2020, reporting losses in fake cryptocurrency investments, raising more than $ 80 million (about Rs 585.43 crore). It says that these scams can happen in many ways and they are “full of fake promises and fake guarantees”.

According to the FTC, a common form of scam involves a promise that a celebrity associated with a cryptocurrency will multiply the money you send in the digital currency and then return it. Scammers also use online dating sites to talk sweetly to people in fake crypto investments in the name of love.

Even more shocking is that many people in their 20s and 30s have lost more money on investment scams than any other form of fraud, the FTC report said, and said Elon Musk Was a popular figure for impersonating scammers.

It has also issued a series of instructions for potential cryptocurrency investors. It suggests that investors search for the company as well as the digital currency name, plus “review,” “scam,” or “complaint”.

It states that scammers often promise that you will make money quickly, or that you will get a large payment or guaranteed return. “They can offer you free money paid in cash or cryptocurrency – but, even if there’s a celebrity endorsement, don’t buy it,” the body says.

It has warned people against anyone who says that you have to pay by cryptocurrency, wire transfer or gift card, saying that such a person is a scammer. If you pay, there is usually no way to get your money back.

Elon Musk and Cryptocurrency

Musk, a cryptocurrency enthusiast, tweets almost regularly about Bitcoin, the world’s oldest and largest digital currency, and Dogcoin (priced in India), the Sheeba Inu dog-themed crypto. Last week, Tesla, which has invested $ 1.5 billion in bitcoin, suspended vehicle purchases using the same digital currency, citing environmental concerns. The decision dropped bitcoin (price in India) to a two-month low.

The day after the suspension, Musk clarified his stance on cryptocurrency, stating, “To be clear, I strongly believe in crypto, but it may not lead to a huge increase in fossil fuel use, especially coal.” “.

The CEO of SpaceX, who in the past has referred to himself as a “dogfather”, said he was working with Dogcoin developers to improve “system transaction efficiency”, the currency had potential.

Earlier this month, Musk called Dogcoin a “hustle” in Saturday Night Live, a comedy sketch show he guest-hosted.



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