[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"f8c89cc8-7556-4cdd-805b-6d3317bdfc23","updated_at":"2024-06-28T03:00:00.139+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Find out more information for the recent Tesla crypto giveaway scam and protect yourself from becoming the next victim.","sapo":"Are you ready to uncover the shocking truth behind the Tesla crypto giveaway scam? Find out how scammers are preying on innocent victims and exploiting the popularity of Tesla to steal cryptocurrency. Don't be the next victim - read on to protect yourself from falling for this malicious scam.","title":"Tesla Crypto Giveaway: When Investors are Innocent Preys","content":"

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Taking advantage of the widespread coverage of celebrities, crypto scammers exploiting Musk’s fame on social media platforms has been a problem for years. The most recent scam related to Tesla and Musk was triggered on Tesla youtube, specifically through a Tesla live event, to extract cryptocurrency. Yet, the live event was just the tip of the iceberg, as there exists another deceitful website.

Tesla Crypto Giveaway Scam overview

June 24 has witnessed a YouTube Live stream running for five hours featured a deepfake of Elon Musk promoting a cryptocurrency scam, in the latest of a series of similar bogus streams. The video, which has since been deleted, features a fake Musk with AI-generated voice encouraging viewers to deposit their Bitcoin, Ethereum, or Dogecoin via a website for a giveaway. The message, playing on a loop, promised the system would then “automatically send back double the amount of the cryptocurrency you deposited.”

As a matter of fact, Elon Musk crypto scams have been showing an increasing trend for the past few months by impersonating Musk’s companies and posing on social accounts. The recent account impersonating Tesla on Youtube, @elon.teslastream, had the Official Artist Channel verification badge, suggesting a possible hack. Both the video and channel were removed after Engadget contacted Google.

Tesla scam live event

Tesla scam live event. (Source: Malware Tips)

This is part of a trend where scammers use fake Musk accounts to run scams, including posing as SpaceX during the Starship launch in June and trying to exploit eclipse hype in April. Another case appeared on Twitter, where numerous fake Twitter accounts impersonating Elon Musk and offering to participate in Doge, Ethereum, and Bitcoin giveaways were detected. With the promising reward of doubled cryptocurrency amount once people send funds to the provided wallet address, several people have fallen for these frauds and see their crypto gone for good. These scams have been a recurring issue targeting Musk's followers and other celebrities as well on social media.

How does the Tesla Crypto Giveaway Scam work?

The Tesla crypto giveaway scam operates through an elaborate sequence of deception across social media videos, a fraudulent website, and blockchain transactions. These phases can be summarized into the following steps:

Step 1: Fake Tesla live event on Youtube

Pretending to be Tesla YouTub, the livestream video features Elon Musk discussing the offer to promote the fake Tesla cryptocurrency giveaway. In actuality, they mimic Musk's voice and likeness using deepfake technology, making unwary viewers perceive the videos as authentic.

Step 2: Scam links route to the fraudulent website with double deposit claims on the website

The victims can access the fraudulent Crypto-Tesla.org website by clicking on links in the video descriptions of the livestreams on YouTube. Tesla imagery including logo, typefaces, and color palette are utilized to further bolster visitors' impressions of its credibility. The scam website boldly states that the company is having a cryptocurrency giveaway for a “limited time” in which deposited Bitcoin, Ethereum, Dogecoin, or Tether would double. Instructions on how to take part in the purported campaign are also included.

Step 3: Transfer funds to the fake deposit addresses

The website scam's main element is the cryptocurrency wallet addresses for Tether, Dogecoin, Ethereum, and Bitcoin. Victims are tricked into sending cryptocurrency funds into these wallet addresses in the hope that Tesla will return doubled assets.

Step 4: Pressure to pay more "Deposits"

In order to maximize the stolen money, scammers frequently get in touch with victims who have already made a "deposit" and pressure them to contribute more money in order to eventually get paid for non-existent giveaways. This drains compromised targets.

Step 5: Criminals cash out and disappear

The scammers quickly convert the millions of possibly stolen cryptocurrency from countless unsuspecting victims into untraceable fiat money via decentralized exchanges. After that, the scam wallet addresses, social media profiles, and website will be abandoned, leaving victims with no recourse.

By cleverly impersonating Tesla and Elon Musk using sophisticated deepfakes, the scam has managed to hijack millions in digital assets via exploiting victims’ belief in a lucrative crypto giveaway.

Elon Musk

Elon Musk. (Source: CNBC)

This article delves deep into the tactics used by scammers in the recent Tesla crypto giveaway scam, providing insights into how unsuspecting investors were targeted and duped. By understanding the mechanics of the scam and the red flags to look out for, readers can arm themselves with the knowledge needed to protect themselves from falling victim to similar malicious schemes in the future.

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Tesla Crypto Giveaway: When Investors are Innocent Preys

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