Market Musings

Did a Victim Send 5 BTC to a Elon Musk Giveaway Scam?

Published on:
March 3, 2021

Was it a scammer moving money around, or has someone made a very big mistake?

Did a Victim Send 5 BTC to a Elon Musk Giveaway Scam?

Table of Contents

Giveaway scams featuring photos of Elon Musk and fabricated quotes have become all too common in recent months — and according to a recent report, they may be working.


According to Whale Alert, one crypto address that’s linked to such a scam recently received a transfer of 5 BTC. That’s worth more than $250,000 at the time of writing.


At this point, we don’t know whether this is simply the scammer moving some funds around… or whether a victim has just made a very big mistake.


Crypto Scams Are a Big Problem

Giveaway scams always sound far too good to be true. In this particular instance, impressionable crypto newcomers are told that, if they send a sum of between 0.1 and 10 BTC to a certain address, they’ll receive twice as much in return.


Elon Musk has become something of a de facto spokesman for cryptocurrency in recent weeks — regularly taking the opportunity to share his thoughts on the market.


But here’s something we can promise you right here, right now: He’ll never offer you free crypto. And even if he does, he wouldn’t expect you to send some to him first.


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