Elon Musk is the CEO of Tesla, Neuralink, and SpaceX. Inside the cryptocurrency world, he’s also widely known to advocate for Dogecoin (DOGE). Besides, he seems to be in favor of Bitcoin (BTC), and he’s been a powerful influence in the market. Some bad actors are constantly taking advantage of this. Now it’s the turn for the “Elon Musk Club”, a scammer group looking for cryptos.

At this point, it’s very usual to find fishy posts on social media (especially Twitter) promising fake giveaways. The methodology is simple: the scammer(s) pretends to be some famous personality and promises to give away a certain amount in cryptos. This, of course, if the people send them some smaller amount first to “register their addresses”, donate to some cause, or similar.

Elon-Musk-cryptos-scam
Elon Musk Club scam website. Image by Bleeping Computer

That’s exactly what the “Elon Musk Mutual Aid Fund” or Elon Musk Club is doing now with cryptos. However, they’re not using social media this time, but spam emails titled “Get free Bitcoin”. It doesn’t seem like a smart move, but there’s a trick on it. If the victim is curious, opens the email, and goes to the website provided, they’ll find a fake invitation by Elon Musk to receive 0.001 to 0.055 bitcoins.

When they accept, they’re redirected to a site dubbed “Bitcoin Donate – International Financial Assistance”. Then, the system asks for the payment details of the victim and tricks them to believe that random people worldwide are donating BTC to their address. Once the (fake) donations reach 0.055 BTC, the victim is urged to “donate” at least 0.001 BTC to another “random user” in order to receive their own “financial assistance”.

Elon-Musk-Club-scam
Last step of the Elon Musk Club. Image by Bleeping Computer

The supposedly random user is, of course, part of the scammers. If the victim sends any amount, they won’t receive anything back.

Protecting from Elon Musk crypto scams

This kind of attack is a fake giveaway, but can also be considered “phishing”. The latter is a fraudulent version of something digital, designed to deceive the victims and steal their credentials and/or money. By combining both techniques, these scammers managed to snatch over $4,700 in BTC so far in only two linked addresses, according to some reports.

Crypto-scam-trust-nobody

In cases like this one, the best you can do is never open dubious emails, and let alone their attachments. If they’re offering you free money, and especially if Elon Musk is offering you free cryptos, you must know that’s a giant red flag. Musk is a favorite of scammers, which pretend to be him all the time.

Besides, if you need to give money to receive money, that’s likely a scam. Always look for previous reviews on any platform, and don’t fall for it. Do your own research (DYOR)!


Featured Image by Tumisu / Pixabay


Wanna trade BTC, DOGE, and other tokens? You can do it safely on Alfacash! And don’t forget we’re talking about this and a lot of other things on our social media.

Twitter * Telegram * Facebook * Instagram * Vkontakte

Author

Literature professional in the crypto-world since 2016. Writer, researcher, and bitcoiner. Working for a better world, with more decentralization and coffee.

Write A Comment

en_USEnglish