Consumers lost more than $ 2 million in cryptocurrency to scammers who appeared on Teslana and SpaceX CEO Elon Muskina over the past six months, the Federal Trade Commission announced Monday.
“Promises of huge guaranteed returns or claims to multiply your cryptocurrency are always scams,” the commission said in its report on Monday.
For years, scammers have performed as Muskina to deceive social media users about the crypto currency. They use deceptive tactics on sites like Twitter, often using the same avatar images as Musk’s own account and typing your username a little wrong. Mock scammers ask victims to send currency to a specific wallet address in exchange for receiving larger payments. Scams break Twitter’s policy against fraudulent accounts, but moderators have tried to curb activity, and it is still common on the platform.
The $ 2 million figure was revealed in a larger cryptocurrency report released by the FTC on Monday. Since last October, consumers have reported losing more than $ 80 million from cryptocurrency scams, which grew “more than ten times a year,” the commission said. Consumers lose an average of about $ 1,900 through these scams.
Musk himself was the target of one of the biggest Twitter Bitcoin scams last summer. In one of the biggest violations in Twitter history, the attackers jeopardized accounts belonging to Musk, President Barack Obama, President Joe Biden, Bill Gates, and even Apple to promote the Bitcoin scam. The attackers received nearly $ 120,000 for the scam which forced Twitter to block all verified users posted new tweets for several hours.