Scammers Steal $150K by Posing as Elon Musk Using Twitter

Twitter Crypto Scammers Steal $150K by Posing as Elon Musk

Scammers plaguing a favorite social networking platform have stolen over $150,000 in cryptocurrency. They used the accounts of two prominent British companies by posing as Tesla founder and CEO Elon Musk.

British style and home products retailer Matalan and also the uk arm of French movie production firm Pathé each had their verified Twitter accounts reports that the BBC. Combined the two accounts have over 100,000 followers, that became the targets of a scam aimed at stealing cryptocurrencies like Bitcoin and Ethereum.

Hackers gained access to both highly-valuable, verified Twitter accounts, and promptly changed the account photos and names to appear as if the accounts had been owned by Silicon Valley serial entrepreneur Elon Musk.

The accounts combine in on an increasingly growing tendency across Twitter, where individuals pose as cryptocurrency industry icons, celebrities, or technology entrepreneurs — even posing as the United States President — and provide a”giveaway” where users receive free cryptocurrency in exchange for sending a bigger denomination or exactly the exact same cryptocurrency.

To further sell the scheme as legitimate, additional Twitter accounts owned by the hackers are subsequently used to answer the giveaway tweet, thanking the accounts for their generosity. Over 300 of those 100,000 followers between the two accounts fell victim to the scam, and so were duped of their crypto assets. The total stolen based on wallet data amounts to over $150,000 in Bitcoin.

This particular case used Musk’s likeness, suggesting the Tesla CEO was stepping down from his post as”director,” and used a bogus web domain name with Musk’s other company Space X said at the URL. What’s worse, is that the tweets in question were approved by Twitter to be run as paid advertising, even though they were fake, by a hacked account, and so were riddled with spelling errors.

Cryptocurrency scammers impersonating Elon Musk refuse to give up, regardless of the entrepreneur recently enlisting help from Dogecoin founder Jackson Palmer and receiving a”script” that was supposed to decrease the frequency of these instances. Musk had been impressed with all the scammers, stating they had”mad skills”

Though other crypto influencers and celebrities have been impersonated as a member of this recurring scam, none are the focal point as prominently or as often as Mr. Musk. The answer is simple: The bizarre and outspoken Tesla CEO uses Twitter because his personal soapbox, and the public figure seemingly has no filter, also says some of the wildest things, occasionally landing him in hot water for a result.

Back in August, Musk made a public announcement on Twitter speaking about a Tesla IPO that led in Musk being made to resign from his post in Telsa, and had to settle with all the U.S. Securities and Exchange Commission (SEC) in court for $40 million.

Musk’s tweets finally have to be reviewed by a lawyer, which should cause investors to be additional skeptical over any cryptocurrency giveaways coming from Musk. It’s the eccentric remarks Musk creates that makes him an easy target for individuals to impersonate.

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