Faux Elon Musk YouTube streams result in $165k crypto rip-off

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In a joint effort, SpaceX and BitOK have revealed a fraudulent crypto giveaway orchestrated by scammers impersonating Elon Musk, who managed to boost $165,000 in donations.

The scheme was mentioned to contain a deepfake model of Elon Musk in stay YouTube streams, which have since been eliminated.

The report that was shared with crypto.information claims that the customers had been provided to entry a web site through the QR code featured within the broadcast.

Fake Elon Musk YouTube streams lead to $165k crypto scam - 1
Faux web site selling ‘SpaceX’ giveaway | Supply: BitOk

The web page acknowledged that people collaborating within the giveaway ought to transmit cryptocurrency to specified contribution addresses and await transaction processing. Afterward, they’re assured a crypto reimbursement to their wallets and a 200% bonus.

This was adopted by pretend giveaway broadcasts from SpaceX on YouTube, a channel that garnered 180,000 subscribers.

The BTC tackle utilized by the people answerable for receiving donations was later discovered to be bc1qc4rwqqf0q75rn032knwkvxtrdm4vurkusr8s4k. Right here, a complete of two.48 BTC, equal to roughly $91,566 on the present change charge, was collected. Subsequently, all funds had been transferred to the tackle bc1q6yjkfe0edtyn4luwskx30gg35r7eclllfsp3jg.

From the tackle bc1q6…sp3jg, a section of the funds, 1.25 BTC, was dispatched to the deposit tackle of the KuCoin change 3NcPowGtnnUxsgFSeCUoiaXW2MtcHUjXF4. Concurrently, the remaining steadiness was despatched to the change tackle bc1qwyrv7wkuqh79gk9uu9zjhc2sutyw80ksk4qjug, and subsequently rerouted to the deposit tackle of the KuCoin change 3NcPowGtnnUxsgFSeCUoiaXW2MtcHUjXF4.

Crypto scams in 2023

This uncovered rip-off marks only one extra in a series of fraudulent exercise. 

The blockchain evaluation agency CertiK reported that over $32.2 million was misplaced to crypto scams and safety incidents in October, with vulnerabilities, exit scams, and flash mortgage manipulations deemed main causes.

In November, the full quantity stolen throughout hacks mounted to $290 million.


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