In a joint effort, SpaceX and BitOK have revealed a fraudulent crypto giveaway orchestrated by scammers posing as Elon Musk, who managed to raise $165,000 in donations.
The scheme was said to involve a deepfake version of Elon Musk on YouTube live streams, which have since been removed.
The report shared with crypto.news claims that users were offered access to a website through the QR code displayed in the stream.
The page indicated that people participating in the giveaway must transmit cryptocurrency to specific contribution addresses and wait for the transaction to be processed. They are then guaranteed crypto cashback to their wallets and a 200% bonus.
This was followed by streams of fake SpaceX giveaways on YouTube, a channel that gained 180,000 subscribers.
The BTC address used by the people responsible for receiving donations was later found to be bc1qc4rwqqf0q75rn032knwkvxtrdm4vurkusr8s4k. A total of 2.48 BTC was raised here, equivalent to approximately $91,566 at the current exchange rate. Subsequently, all funds were transferred to the address bc1q6yjkfe0edtyn4luwskx30gg35r7eclllfsp3jg.
From the bc1q6…sp3jg address, a segment of the funds, 1.25 BTC, was sent to the KuCoin exchange deposit address 3NcPowGtnnUxsgFSeCUoiaXW2MtcHUjXF4. Simultaneously, the remaining balance was sent to the exchange address bc1qwyrv7wkuqh79gk9uu9zjhc2sutyw80ksk4qjug, and subsequently redirected to the KuCoin exchange deposit address 3NcPowGtnnUxsgFSeCUoiaXW2MtcHUjXF4.
Cryptocurrency scams in 2023
This exposed scam marks just another in a chain of fraudulent activity.
Blockchain analysis firm CertiK reported that more than $32.2 million was lost in October due to crypto scams and security incidents, with vulnerabilities, exit scams, and payday loan manipulations considered the main causes.
In November, the total amount stolen during the attacks reached $290 million.
