Cryptocurrency scammers have managed to dupe unsuspecting victims of $150,000 using the oldskool “free giveaway ” strategy. The fake SpaceX YouTube channel, which copied the YouTube account of Elon Musk’s Space Exploration Technologies Corporation, managed to steal at least $150,000 by hosting free live BTC giveaways.
Bleeping Computers’ report recently claimed that hackers attacked a number of recognized YouTube accounts and compromised their branding and content to imitate that of a space exploration corporation.
BTC giveaways scam and fake SpaceX YouTube Channel
The fake SpaceX YouTube channel then broadcasts archived Elon Musk videos as if they were live footage and asks viewers to transfer BTC to receive double the amount they send. According to the report, more than 80,000 viewers have watched a fake live event; 15.31 bitcoins have been stolen since June 8.
The scammers had two BTC addresses where victims were asked to transfer their funds. One of the addresses received 29 different transactions for a total of 4.08 bitcoins worth $39,840 over time. The second address had a total of 84 separate transactions of 11.23 bitcoins worth approximately $110,000.
The Chief of SpaceX, Elon Musk, is familiar with the scenarios in which his name is used.
The crypto scam level on Twitter is reaching new levels. This is not cool.
— Elon Musk (@elonmusk) February 1, 2020
Cryptocurrency scams on the rise
Scammers have been adopting a strategy of imitating famous people for a long time now. Notably, crypto-related scammers have even impersonated members of the British royal family to achieve their evil aims.
In addition, many scammers have benefited from the spread of coronavirus to peddle their evil schemes. In particular, fraudsters imitated charities of the World Health Organization (WHO) and sent thousands of phishing emails to people around the world.