Tesla and SpaceX CEO Elon Musk aka Technoking is always on news because of his tweets but this time he is in news due to scammers as they are using his name to fraud people. According to a report by Federal Trade Commission, Elon Musk scammers have stolen more than $2 million (Rs. 14.63 crores) in the last 6 months.
There is a dilemma and a lot of risk around cryptocurrencies though there are more chances of getting scammed. Federal Trade Commission reported that from October 2020 there are around 7000 people who reported losing $80 million on scams and these scams are 12 times more than a year ago. On average they lose $1900 through these scams.
“Scammers promise to give huge returns and say your cryptocurrency will be multiplied are always scammers,” said FTC.
Scams occur through social media platforms like Twitter where they create fake accounts in name of celebrities like (Elon Musk, Jeff Bezos, etc) by slightly misspelling the username. Through this scammers fraud people by name of Elon Musk and asking them to send cryptocurrency to specific wallet addresses in exchange for a huge return. The sams violate the rules of the Twitter policy of deceptive accounts but these accounts’ activities are difficult to control and remain unknown.
FTC reported there many ways through which they scam people. The scammers target people by giving tips who are trying to invest in their schemes. People are also fooled by websites that look like investing in cryptocurrencies, but they all are illegitimate. These websites also show people that their investments are growing and when investors try to withdraw profits then they are asked to send more cryptocurrency. And they get nothing back.
Scammers also try to fraud people by “giveaways” which are sponsored by celebrities and promise them to multiply the currency. People found themselves in scams by losing their cryptocurrencies.
FTC says these scammers can be identified when they promise to multiply your cryptocurrencies then they are surely scammers. Also be aware of any callers, organizations who insist to invest in cryptocurrencies.