Elon Musk, the magical name for crypto scam

Elon Musk has the power to rock the price of cryptocurrencies, we’ve seen it especially with Bitcoin or Dogecoin. However, as Ben Parker said to his nephew, “With great strength, great responsibility.” Musk knows exactly what he’s doing, but seems to be struggling to cope with the effects of his actions.

With the rise in the price of Bitcoin, the billionaire indirectly got thousands of people to invest in this cryptocurrency. From that moment on, the situation deteriorated significantly. The US Federal Trade Commission just released a report that said, “Fraudsters are taking advantage of the cryptocurrency buzz and luring people into fake investment opportunities in record numbers.”

A sharp increase in the fraud rate

The FTC announces that cryptocurrency fraud has taken on new heights since October 2020. As of that date, 7,000 victims have consulted the FTC after losing more than $ 80 million in cryptocurrency fraud. This is 12 times more than in the previous year in the same period.

What caught our eye in this report are the techniques the crooks have developed to steal such sums of money. Unsurprisingly, these malicious actors very often try to impersonate Elon Musk, or even impersonate Tesla or SpaceX. In the past 6 months, this precise technique has generated over $ 2 million. Proof that Elon Musk’s image matters in the cryptocurrency landscape.

A few months ago, Musk kicked off the price of Bitcoin by announcing a $ 1.5 billion investment in cryptocurrency and then adding that crypto activity to the payment methods on Tesla’s website. However, the curve was reversed when the billionaire recently changed his mind by removing Bitcoin transactions for Tesla. Musk ultimately believes that Bitcoin is too bad for the environment …

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