Attention: The fake Elon Musk crypto giveaway scam continues to spread

Are you receiving messages promising free Bitcoin and Ethereum? It could be one of the most sophisticated scams circulating on social media. In recent months, numerous fraudulent attempts have emerged, exploiting Elon Musk’s name to deceive cryptocurrency users with promises of huge donations.

How the scam works

The scam’s strategy is simple but effective: scammers create fake posts that appear to come from verified Tesla or X (ex Twitter) accounts, announcing a large-scale cryptocurrency giveaway. The messages claim that Musk is distributing thousands of Bitcoin and tens of thousands of Ethereum to support the community.

These fraudulent announcements link to websites that perfectly imitate Musk’s authentic Medium pages, making it difficult to distinguish real from fake at first glance. Once on the site, users are invited to participate by sending their cryptocurrency as an “initial investment” with the promise of doubling it.

The true nature of the scheme

In reality, this is the classic “double your crypto” scam. Users are asked to send between 0.05 and 2 Bitcoin, or significant amounts of Ethereum, in exchange for the promise of receiving double. Of course, any amount sent to these addresses disappears permanently.

To increase the amount lost, scammers offer incentive bonuses: a 40% return for those sending 1+ ETH, or even 200% for those sending 40+ ETH or higher amounts. These incentives are calibrated to exploit greed and push victims to send increasingly large sums.

Why it is clearly a scam

Elon Musk has never announced any cryptocurrency giveaway. A similar operation, involving the distribution of over $600,000 in crypto, is entirely implausible given X’s current financial difficulties and negative cash flow. Additionally, the sites used to promote this scheme are completely illegitimate: domains like event-promotion.info and event-finance.net were privately registered between May and June 2024, a typical behavior of criminals trying to avoid tracking.

How to protect yourself

Before participating in any initiative involving famous names like Elon Musk in the crypto sector, always verify authenticity through official channels. Musk and his companies communicate via verified accounts and official platforms, never through anonymous websites and domains.

Remember: no one gives away cryptocurrency for free. If an offer seems too good to be true, it almost certainly is a scam. Always conduct thorough research before engaging with any online cryptocurrency initiative. Your digital wallet depends on your vigilance.