How Bitcoin scammers impersonate celebrities like Elon Musk

May 26, 2021

Mix two hot trending names — cryptocurrency and Elon Musk — and well, you've got a recipe for ripping people off. 

During the past six months, consumers reported losing more than $2 million in cryptocurrency to Elon Musk impersonators, according to a May report by the Federal Trade Commission.  

Face it, Las Vegas wouldn't be Vegas without Elvis impersonators. And scams often aren't the same without impersonating some celebrity, such as Tesla CEO Elon Musk.

As the Bitcoin buzz has been building, scammers have been dangling bogus investments, pretending to be someone else at times and duping consumers in record numbers.

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Some victims, according to the FTC, also reported losing money to scammers posing as Coinbase, a well-known cryptocurrency exchange.