Elon Musk is a leading figure in the tech and business worlds today. Musk is the CEO of Tesla, SpaceX. He has more than 100 million followers on social media. His tweets are powerful enough to move the financial markets. His enormous reach makes him an easy target for scammers to impersonate.
Recent times have seen a cryptocurrency scam using deepfake Musk videos promoting fake Bitcoin giveaways. The scammers distribute videos on platforms like YouTube and Facebook, showing Musk telling viewers that they can earn free cryptocurrency by signing-up to shady trading websites and entering promotional codes.
This guide provides an in-depth look at how the scam works, and what tactics criminals use to trick Elon Musk’s fans. This guide will outline how to identify these fraudulent promotions. It will also explain what steps you should take if money was lost, as well as key strategies for avoiding falling victim.
Elon Musk bitcoin promo code scam: An Overview
Elon Musk, CEO of Tesla and SpaceX, is an easy target for scammers looking to exploit his popularity. New cryptocurrency scams have been launched using fake videos of Elon Musk promoting fake Bitcoin Giveaways. This highly deceptive fraud has already defrauded millions in stolen crypto deposits from many victims.
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Elon Musk Bitcoin promo code scam: What it is and how it works
To commit this fraud, the criminals use convincing fake video, psychological tricks and technological subterfuge. This is a more detailed look at how the process works:
Step 1: Produce fake Elon-Musk endorsement videos
Two key techniques are used by scammers to create videos which appear to show Musk promoting a scam.
Deepfake technology: Sophisticated AI seamlessly substitutes Musk’s Face/Voice with stunning accuracy. The deepfakes are real-looking and sounding.
Voice synthesis. Fraudsters will take actual Musk interviews and then use voice-mimicking software to give the impression that Musk is supporting the scam.
In both instances, an AI-generated Musk directly addresses viewers and describes a Bitcoin Giveaway opportunity in collaboration a cryptocurrency platform. He instructs viewers to use a unique promo code (e.g. You can claim free crypto by using the promo code “MUSK”, “TESLACOIN”.
Step 2: Distribute videos on social media
Two methods were used to spread the fake Musk videos across YouTube, TikTok and Facebook once they had been created.
Paid ads- These videos are promoted on Facebook and YouTube as paid ads that target tech enthusiasts and crypto communities.
Hashtag campaign – Scammers make videos trending on TikTok/Instagram by using hashtags that are related to crypto, Tesla SpaceX, Musk, etc.
Mass distribution allows for maximum exposure to victims.
Step 3: Drive traffic towards fake Crypto sites
The videos include links that direct viewers to fake cryptocurrency exchange websites created by scammers. Site domains follow naming patterns like MuskCoin.com, ElonBTC.com, TeslaTokens.com etc.
Step 4: Direct viewers to enter Promo Code
The Musk video contains a promo code that users must enter after registering with the fake crypto trading platform. The most common codes are “MUSK”, TESLA”, and “SPACECOIN”.
Musk’s endorsement leads victims to believe that by entering the code they will receive Bitcoin for free. The code is actually a trick to get them further into the scam.
Step 5: Display the Fake Bonus Balance
After entering the code, the scam site shows that a balance of 0.31 BTC has been added to the account dashboard. This gives the impression that the code has added Bitcoin to their wallet.
The balance is totally fabricated. There is no actual crypto deposited. It is simulated in order to make the victim believe that it works.
Step 6: Limit withdrawals until minimum deposit
To withdraw money, you first need to activate your account. This is done by depositing 0.005 BTC. This deposit may be withdrawn later.”
This scam tricks users into depositing crypto funds in order to “activate withdrawals”. This deposit is actually made directly into the wallets of scammers.
Step 7: Disable the account after you have collected deposits
After collecting enough funds from the victims, scammers will disable all user accounts. They then take down the fake websites. Victims lose complete access to their accounts and are unable recover their deposits.
The fraudsters then create new sites and videos that impersonate Musk in order to lure the second wave of victims. While stolen assets are being laundered, they can be cashed out using various dark-web techniques.
It allows criminals to continue the scam indefinitely as long they can convincingly pose as celebrities, like Elon Mott.
Elon Musk Bitcoin promo code scam: How to spot it
As scammers continue to find new ways to take advantage of the popularity of celebrities like Elon, as well as cryptocurrency, it is important to recognize deceptive promotions that are targeted at fans.
These are the key signs you should look out for in order to identify fake Bitcoin ads and avoid becoming a target:
Offers too good to believe – Be suspicious of any promotion that promises free or bonus Bitcoins just for signing on to a site. Scammers take advantage of this technique to lure their victims. Legitimate platforms don’t give away cryptocurrency.
Scam promotions use aggressive urgency tactics. You are told to act quickly by claiming bonus Bitcoins before the deadline expires. It creates pressure for you to rush through the vetting process.
Before submitting personal details or making a deposit, thoroughly research any crypto exchange platform that is mentioned. Many fake brands use similar domains to real brands.
Demands deposits before withdrawals. A genuine crypto platform will never require you to make a deposit before you can withdraw the account balance. This is an obvious red flag.
No mention of risk – A real cryptocurrency promotion will always state the volatility of the crypto market and investment risks. Scams offer free money in the form of bonuses.
Text and video are not the same – some scams have Elon Musk’s real interview answers about unrelated subjects dubbed over with narration about bonuses.
Elon Musk has not made any online mentions. Scams are based on fabricating the whole promotion.
Social media engagement is odd – Scam videos usually have comments disabled, and they use bot accounts/hashtags in order to artificially engage.
Poor quality of deepfake – Some fakes may be highly realistic but lower quality edits can reveal flaws like mismatched tones or blurred edges.
Keep an eye out for viral celebrity cryptocurrency endorsements that show red flags. Check the authenticity of an athlete’s or celebrity’s official account or website before you interact or provide personal information. It’s better to avoid anything that appears questionable.
Elon Musk Bitcoin Scam: Common Questions
The public has many questions about the elaborate cryptocurrency scam that exploits Elon Musk’s fame to promote false Bitcoin giveaways. This FAQ will provide answers that can help you avoid, identify and report these fraudulent promotions targeted at fans.
What exactly is Elon Musk Bitcoin promotional code scam?
This is a scam cryptocurrency scheme that uses fake videos of Elon Musk in order to trick people into making deposits on fake crypto trading sites. Scammers produce and distribute videos to make it look like Musk is endorsing Bitcoin Giveaway.
In the deepfakes, Musk tells viewers to use promo codes like “MUSK” to claim free Bitcoin on an exchange site recommended by Musk. But these platforms are all fakes, and were designed to steal deposit.
How are the fake Elon Musk Videos created?
They use two main techniques:
Deepfake replaces Musk’s voice and face with a high level of realism.
Musk can be accurately imitated by voice synthesis software, which is synchronized with real interviews.
Both techniques use AI to convincingly mimic Musk promoting a scam offer.
Where do the scammers distribute their fake videos?
These videos are shared via hashtags, paid advertisements and major social platforms.
YouTube and Facebook ads aim to target crypto traders and tech enthusiasts.
TikTok and Instagram campaign hashtags relevant to crypto/tech.
This scam is able to reach many more victims through its mass distribution.
What happens if someone uses a promo code?
By entering the code into the fake crypto platform, a bonus Bitcoin is added to the dashboard of the user. This convinces target that the code added free cryptocurrency to their account.
But the balance on the account is entirely fabricated. There is no real Bitcoin deposited.
How do fraudsters end up stealing money from victims
Users are told that in order to “activate withdrawals”, they need to deposit 0.005 BTC before withdrawing their fake bonus. This trick tricks the victims into sending actual crypto funds that scammers steal.
What are signs of a fake celebrity cryptocurrency promotion?
These red flags are a good indicator of a scam.
You can get a lot of freebies with little effort.
A sense of urgency to act quickly before a date expires.
Directing users to crypto exchanges that are not verifiable.
Deposits must be made before any withdrawals.
Before participating, do your own research.
What are examples of fake crypto platforms that you can find?
Some of the domains known to be fraudulent are:
MuskCoin.com
ElonBTC.com
SpaceXchange.com
Before providing any personal data, carefully check the licenses, reviews, and certifications.
What should I be doing if I’ve been duped by this scam?
Contact your bank/credit cards provider if applicable.
Report the fraud to authorities.
Be alert to social media sites hosting videos.
To protect others, spread awareness of the scam.
Working quickly is essential to track funds and shut down fraudulent accounts/websites.
How can I protect myself from falling victim to Elon Musk’s Bitcoin scam?
Before acting, verify celebrity endorsements on your own.
Do a thorough research on any crypto platform you hear about.
Don’t make a deposit just to “activate” free funds.
Use unique and strong passwords, as well as two-factor verification.
Report suspicious videos or accounts.
Keep an eye out for scams that use celebrities or crypto hype to spread.
Why are scammers pretending to be Elon musk for this?
Musk’s status as an inventor lends the fake video credibility. Scammers are able to reach large audiences by using his massive following.
Scammers exploit the public’s love for Musk and other figures to create an impression of legitimacy.
Does entering a promo code make me vulnerable?
It is not enough to enter a code in a website. Creating accounts and entering your personal information on dubious sites allows scammers to steal funds or identities.
As the value of crypto assets increases, it is important to remain vigilant and avoid scams that exploit public interest in cryptocurrency profits. Don’t let the hype overwhelm your critical thinking. Be cautious, do your research and be careful. Share this guide and help others protect themselves from predatory scams posing as celebrities like Elon Tesla.
