Elon Musk has been hailed as one of the world’s most influential people in technology and business. Musk has more than 100 millions followers on social networks as the CEO for Tesla and SpaceX. His tweets may even affect financial markets. Due to his huge reach, he is a popular target for scammers who impersonate him.
Recent cryptocurrency scams have used deepfake Musk videos to promote fake Bitcoin giveaways. The scammers use YouTube, TikTok or Facebook to spread videos showing Musk telling people they can receive free crypto just by signing up with shady sites and entering promo codes.
This guide will provide a thorough analysis of this scam, including the tactics that criminals used to deceive Elon Musk’s legions fans. We will discuss how to recognize these fraudulent offers, the steps to follow if you have lost money and strategies to help avoid falling for this dangerous scam.
Elon Musk’s Bitcoin Promo Code Scam
Elon Musk’s popularity and influence as CEO at Tesla and SpaceX make him an attractive target to scammers. A new cryptocurrency fraud has been created using deepfake Musk videos to promote fake Bitcoin giveaways. This scam is extremely deceptive and has already defrauded a number of victims out millions in stolen cryptocurrency deposits.
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Elon Musk Bitcoin Promotion Code Scam:
Criminals use psychological tricks, technical subterfuge and convincing fake videos to commit this fraud. Here is an in depth look at the entire process.
Step 1 Create a fake Elon musk endorsement video
The scammers use two different techniques to create videos where it appears that Musk is promoting the fraud:
Deepfake tech – Highly sophisticated AI seamlessly replaces Musk’s face/voice. The deepfakes seem and sound real.
Voice synthesis. The fraudsters take Musk interviews from the real world and use voice mimicking programs to make it look like Musk is promoting the scam.
In both cases, a Musk generated by AI addresses viewers directly. He describes an opportunity to give away Bitcoin in collaboration and with a cryptocurrency-platform. He instructs viewers to use a unique promo code (e.g. For the free crypto, enter “MUSK”, TESLACOIN”.
Step 2 Distribute your videos on social media
Once created, fake Musk videos spread on YouTube, TikTok Instagram and Facebook via two methods.
Paid ads. The videos appear as YouTube/Facebook advertisements targeting tech lovers and crypto communities.
Hashtag Campaigns – Scammers create videos that trend on TikTok/Instagram using hashtags related with crypto, Tesla SpaceX Musk.
By distributing in large quantities, the message reaches as many potential victims as possible.
Step 3: Drive traffic toward fake crypto sites
The videos are embedded with links to scammers’ fake cryptocurrency trading websites. Site domains follow naming patterns like MuskCoin.com, ElonBTC.com, TeslaTokens.com etc.
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Kobace
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Lenzela
These sites are not legitimate. They exist purely for the purpose of transferring funds from the crypto wallets of victims to scammers. No actual trading occurs.
Step 4 Instruct the viewers to enter Promo Code
After registering at the fake crypto trading platforms users are asked to input the promo code as mentioned in the Musk videos. Some of the most popular codes include “MUSK”, TESLA”, or “SPACECOIN”.
Musk has assured victims that they can receive Bitcoins for free by entering the code. The truth is that this only leads the victims further down the scam funnel.
Step 5 Display Fake Bonus balance
After the user enters the promocode, the scam web site displays an account balance of approximately 0.31 BTC. This makes the code appear to have added Bitcoins into their wallet.
But the balance has been completely fabricated. No crypto is actually deposited. The simulation is used to convince the victims that code actually worked.
Step 6: Stop withdrawals before the minimum deposit
When victims attempt to withdraw fake bonus money, they are presented with a message saying:
“To withdraw your funds, you will need to first activate it by depositing 0.005 BTC. The deposit made can be withdrawn at a later date.
This scam tricked users into making a real crypto deposit to “activate” the withdrawals. This deposit, in reality, goes directly to the wallets owned by scammers.
Step 7 – Disable account after depositing funds
Once the scammers collect enough funds, they suddenly disable user accounts and take off the fake site. Victims can no longer access the fake sites and they are unable retrieve any of their deposits.
The fraudsters create more sites and videos, impersonating Musk, to attract the new wave of victims. Through various dark web methods, stolen assets have been laundered and converted into cash.
The scammers can operate indefinitely if they can successfully impersonate celebrities, such as Elon musk.
Elon-Musk Bitcoin Promo Code Scam: What to Look for
In a world where scammers find new and innovative ways to exploit cryptocurrency interest, or admiration of celebrities like Elon musk, it’s vital to know the deceptive promotion that targets fans.
Here are the signs to watch out for when spotting fake Bitcoin ads:
Offers which seem too good for true – Beware of promotions that promise free Bitcoin funds or bonuses just by signing up on the website. Scammers use it to lure in victims. Legitimate platform do not offer cryptocurrency.
Scams promote a sense of urgency by insisting you need to act fast and claim the bonus Bitcoins prior to a deadline. This puts pressure on you to ignore proper vetting.
You should not use unreliable exchange sites. Research the site thoroughly before submitting any personal data or depositing. Many of these fake sites use the same domain names as real brands.
Requests for deposits before withdrawals. Authentic crypto platforms never request that you make a first deposit before withdrawing your account balance. This is a red flag.
No mention is made of the risks. The volatility of crypto markets as well as investment risks are always mentioned in real cryptocurrency promotions. Scams pretend to give away free money via bonuses.
Text and Video don’t Match – Some scams use voiceover narration to replace Elon’s actual answers in an interview about unrelated issues.
Elon Musk does not mention it in media or on social media. Frauds will fabricate the entire promotion.
Scam videos have strange social media engagement. They often disable comments and use bots/hashtags for artificial engagement.
Poor deepfake Quality – While many fakes are very realistic, lesser quality edits have glitches that can be seen in the skin tones of the actors or their blurred edges.
Be alert to any viral celebrity cryptocurrency advertisement that shows red flags. Verify authenticity by visiting the official athlete/celebrity site/accounts prior to interacting or revealing personal information. Avoiding something that is questionable may be the best option.
Elon Musk Bitcoin Code Scam FAQ
The elaborate cryptocurrency fraud exploiting Elon Musk’s reputation to promote fake Bitcoin gives raises many questions in the public. This FAQ provides answers on how to recognize, avoid, or report these fraudulent promotion targeting fans.
What exactly does Elon Musk Bitcoin promotion code scam involve?
This cryptocurrency scam uses fake deepfake Elon Musk videos to fool people into depositing funds on fake crypto-trading platforms. Scammers use videos to spread the false impression that Musk is endorsing Bitcoin.
The deepfakes feature Musk instructing viewers how to use a promotional code such as “MUSK”, to claim Bitcoins for free, on the crypto exchange site he recommends. But the platforms themselves are completely fake and intended to steal deposits.
How do scammers produce fake Elon Musk movies?
They are mainly using two techniques:
Deepfake Technology seamlessly replaces Musk’s facial features/voices with a degree of realism.
Musk’s speech can be accurately mimicked by software which syncs with actual interviews.
Both techniques use AI in order to convincingly simulate Musk’s promotion of the scam offer.
Where do scammers promote their fake videos and where can you find them?
The videos are distributed via hashtags and paid advertisements on social platforms.
YouTube and Facebook advertising targets tech aficionados.
TikTok, Instagram and other campaigns using crypto/tech hashtags.
Mass distribution makes it possible to attract more victims.
What happens when people use a promotional code?
Entering the bonus code on the fake Crypto platform creates a Bitcoin balance on the user’s dashboard. The target is convinced that the code adds free crypto into their account.
The balance shown is fake. No Bitcoin is actually deposited.
How do scammers steal money?
A message will appear when the user attempts to withdraw a fake bonus. This message states that he must first deposit 0.005 BTC for withdrawals to be “activated”. Scammers use this trick to get victims to send real crypto funds.
What are the indicators of a phony celebrity cryptocurrency endorsements?
Be on the lookout for these red Flags
Giveaways that are extremely generous and require minimal effort.
The need to act urgently and quickly before a certain date expires.
Directing crypto exchanges to those that cannot be verified.
Make deposits mandatory before withdrawing.
You should do some research prior to participating.
What examples are there of fake crypto-platforms?
Fraudulent domains include the following:
MuskCoin.com
ElonBTC.com
SpaceXchange.com
Examine carefully the certifications, licenses and reviews of any company before you provide your personal data.
What can I do if this scam has deceived me?
Contact your credit card/bank provider, if applicable.
Report the fraud immediately to the authorities.
You can also alert social media sites to the presence of videos.
Spread the word publicly about the scam to protect other people.
Track down and close scam accounts/sites as quickly as possible.
How can you avoid being a victim of Elon Musk Bitcoin scams?
Check endorsements of celebrities independently before taking action.
Any crypto platform mentioned should be thoroughly researched.
Never “activate” funds by making a deposit.
Use strong passwords that are unique, and use two-factor authentication.
Report suspicious videos or accounts.
Be alert to scams that target celebrities and spread crypto hype.
Why is Elon Musk being impersonated by scammers?
Musk’s reputation for innovation lends credibility the scam. His huge following allows scammers reach a vast audience with fake videos.
Scammers create an appearance of legitimacy by taking advantage of the public’s fascination with figures such as Musk.
Is it safe to enter a promocode?
Your security should not be compromised by simply entering a code onto a site. Creating an account and entering personal details on untrustworthy sites can give scammers the access they need to steal your identity or funds.
Stay vigilant to avoid scams that are exploiting the public’s appetite for cryptocurrency profit. Use caution, research your options, and do not let hype overcome your critical thought. Share this document to help protect others against predatory frauds impersonating celebrities, like Elon Musk.
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