In recent weeks, a new crypto scam has emerged on social media platforms like Facebook, TikTok, YouTube and Instagram. Scammers are using deepfake videos and voiceovers of Elon Musk and Donald Trump to promote a fake cryptocurrency giveaway, luring victims into sending their own crypto to a scam wallet address with the false promise of getting double the amount in return.
This ingenious scam has already claimed many victims, who sent large sums of Bitcoin, Ethereum, Solana, Dogecoin and other cryptocurrencies to scammers and never saw their funds again. As cryptocurrencies continue to gain mainstream traction, scams like this pose a serious threat to newcomers looking to invest in crypto for the first time.
In this comprehensive article, we will uncover everything you need to know about the Elon Musk x Donald Trump crypto giveaway scam, including:
- How the scam works from start to finish
- An in-depth overview of scam techniques used
- Step-by-step examples of fake Elon Musk videos and scam sites
- What to do if you have fallen victim to this scam
- How to protect yourself from crypto scams going forward
Read on to learn how to avoid this new scam.
Scam Overview
The Elon Musk and Donald Trump crypto giveaway scam is an intricately designed fraud that utilizes a combination of deepfake videos, fake celebrity endorsements, scam websites and psychological tricks to part victims from their cryptocurrency.
Here is an in-depth overview of how this scam typically operates:
Bait: Fake Celebrity Endorsement Videos
The scam starts with fake videos spread across social media platforms like Facebook, YouTube, TikTok and Twitter. These videos feature deepfake footage of Elon Musk or Donald Trump seemingly endorsing a cryptocurrency giveaway event.
Using deepfake technology, the scammers are able to put words in the mouths of Musk and Trump to make it seem like they are enthusiastically promoting a chance for viewers to double their crypto deposits. The deepfakes are convincing enough to fool unsuspecting viewers.
In other cases, the videos utilize edited footage or voiceovers from real interviews that Musk and Trump have given to media outlets. They splice together various clips to make it seem like Musk or Trump are announcing details of a cryptocurrency giveaway.
Regardless of the technique, the videos all proclaim that Musk and Trump are holding an “official” crypto giveaway event where they will double any amount of Bitcoin, Ethereum, Solana or Dogecoin that users send to a provided wallet address.
Totals of 1,000 BTC, 10,000 ETH, 500,000 SOL and 100,000,000 DOGE are touted as being given away during the purported event. Outlandish claims of instant wealth like this are a hallmark of crypto scams.
Scam Website
The fake videos direct viewers to click on links in the video description or comments. These links lead to elaborate scam websites designed to mimic legitimate cryptocurrency events or exchanges.
The scam sites use logos and imagery of Tesla or the Trump Organization to appear authentic. They have detailed sections explaining the supposed crypto giveaway, trying to convince victims it is a legitimate opportunity.
Form fields are provided for victims to enter their cryptocurrency deposit addresses as well as the amounts of BTC, ETH, SOL or DOGE they plan to send. The scam site claims to immediately send back double the amount once the deposit is received.
In fine print, disclaimers on the sites state that deposits are non-refundable. This is the scammers trying to cover their tracks when victims realize later they have been duped.
Psychological Triggers
The scam sites utilize many psychological triggers to encourage victims to send cryptocurrency deposits as quickly as possible before the “giveaway” ends.
Countdown timers create a false sense of urgency and scarcity. Chat boxes simulate other users bragging about the crypto they received. Progress bars slowly start to fill up to indicate the giveaway coins are being claimed.
All of these elements build social proof that the giveaway is legitimate and that the viewer needs to act fast by sending crypto to the wallet address shown. In reality, these psychological tricks are carefully crafted illusions by the scammers.
The Takeaway: Stealing Crypto Deposits
Victims who get tricked into sending cryptocurrency to the wallet address provided never get anything in return. The scammers immediately withdraw any deposits to their own wallets.
The Tesla, Trump and cryptocurrency giveaway promotions are completely fake. Elon Musk and Donald Trump have no association with these scams. No free crypto is being given away.
Once the victims’ cryptocurrency deposits are in the hands of the scammers, they are gone forever. The elaborate deepfake videos, scam sites and psychological tricks combine to make this crypto giveaway scam extremely devious and convincing to unwitting users.
How The Scam Works Step-By-Step
Now that you understand the general overview of the Elon Musk and Donald Trump crypto giveaway scam, let’s go through a play-by-play step-by-step example to show exactly how the scam unfolds:
Step 1: The Bait
A YouTube video surfaces featuring Elon Musk seemingly announcing a giveaway event where he will double any amount of Bitcoin, Ethereum or Dogecoin users send to a specified wallet address.
The deepfake Musk talks enthusiastically about giving away crypto to help “make the world more fair” and accelerate adoption. At first glance, the video looks totally legitimate and gives no obvious signs it is fake.
Step 2: Visit The Scam Website
The video description contains a link to register for the purported giveaway. Clicking the link leads to a scam website made to look like a Tesla promotions page with logos and colors matching the real Tesla site.
The site has sections convincing users the giveaway is real. A countdown timer shows limited time left to participate. A Twitch chat box shows other users talking about the crypto they received.
Step 3: Enter Crypto Deposit Info
Following the site’s instructions, the user enters their BTC, ETH or DOGE wallet address where they want the doubled crypto funds sent. They also enter the amount of crypto they plan to deposit.
The site says the minimums are 0.1 BTC, 1 ETH or 20,000 DOGE while the maximums are 15 BTC, 200 ETH or 5,000,000 DOGE. Any amounts within those limits can supposedly be doubled.
Step 4: Send Crypto to Scam Wallet Address
After submitting the form, the scam website shows a BTC, ETH or DOGE wallet address to send the crypto deposit to. The website claims any funds sent to this address will instantly be doubled and returned to the user’s wallet.
The victim copies the scam wallet address and initiates a cryptocurrency transfer from their wallet. They anxiously await the instant doubling of funds.
Step 5: Coins Stolen, No Crypto Returned
Unfortunately, the victim never receives double the crypto amount back as promised. The scam website stalls with fake delays about blockchain confirmations taking longer than expected.
In reality, the scammers immediately withdrew the victim’s entire deposit to their own wallets. The giveaway was totally fake and no crypto is doubled or returned. The scammers vanish after stealing the funds.
The Aftermath: Crypto Deposits Gone Forever
Devastatingly, victims of the scam are left with empty wallets. Their cryptocurrency deposits have been stolen with no way to get them back. The websites and social accounts associated with the scam disappear soon after.
Adding insult to injury, some victims are out hundreds, thousands or even tens of thousands of dollars’ worth of crypto stolen by this scam. The financial and emotional impacts can be immense.
This play-by-play example illustrates how sinister yet convincing the Elon Musk and Donald Trump crypto giveaway scam truly is. Forewarned is forearmed against this devious deception.
What To Do If You Have Fallen Victim to This Scam
If you have been deceived by the Elon Musk and Donald Trump crypto giveaway scam, here are the steps you should take right away:
1. Report The Scam
Report the scam videos, websites and wallet addresses immediately to the relevant social media platforms and authorities:
- YouTube, Facebook, TikTok, Instagram: Report the fake celebrity endorsement videos and accounts perpetrating the scam.
- IC3: File a complaint with the FBI’s Internet Crime Complaint Center.
- FTC: Report the scam to the Federal Trade Commission.
- State attorney general: File a scam report with your state attorney general’s office.
- CFTC: Report cryptocurrency scams to the Commodity
2. Contact Your Crypto Wallet Provider
Contact your cryptocurrency wallet provider (Coinbase, MetaMask, etc) to report the fraudulent transactions. See if there are any possible actions they can take to reverse the transactions or blacklist the scam wallet addresses.
3. Gather Evidence
Gather screenshots, wallet addresses, video links and any other evidence you have about the scam. This will help strengthen your case when reporting the scam to authorities.
4. Spread Awareness
Share your scam experience on social media channels and crypto forums to spread awareness and prevent others from falling victim. The more people made aware of this scam, the less victims the scammers can claim.
5. Seek Legal Counsel
Consult a lawyer specializing in cryptocurrency fraud to assess if you have any legal options to potentially recover lost funds. This step is more viable for larger lost sums.
6. Tax Implications
Speak to a tax professional about any potential tax deductions or implications from your stolen crypto deposits. This depends on your country and situation.
7. Learn From This Experience
While costly, try viewing this incident as a learning experience. Research how to spot crypto scams to avoid being deceived again. Never send crypto deposits expecting guaranteed returns.
The Bottom Line
The Elon Musk and Donald Trump cryptocurrency giveaway scam serves as a cautionary tale of how convincing and destructive crypto fraud can be. Skilled scammers combine deepfake videos, scam websites, fake celebrity endorsements and psychological tricks to steal huge sums of victims’ cryptocurrency.
Forewarned is forearmed against this scam. Be skeptical of too-good-to-be-true giveaways. Check video sources for manipulation. Research wallet addresses and crypto sites before sending funds. Report scam attempts. Seek recourse if victimized.
Cryptocurrency is still a new technology filled with both promise and peril. By staying vigilant and protecting yourself, you can safely unlock the benefits of crypto and blockchain innovation. Be cautious, be smart and be safe. The choice is yours.
Frequently Asked Questions About The Elon Musk x Donald Trump Crypto Giveaway Scam
1. What is the Elon Musk and Donald Trump crypto giveaway scam?
The Elon Musk and Donald Trump crypto giveaway scam uses fake celebrity endorsement videos and scam websites to trick victims into sending their own Bitcoin, Ethereum, Dogecoin or Solana to a scam wallet address. Scammers promise to double any crypto deposits sent, but in reality they just steal it.
2. How does the crypto giveaway scam work?
The scam starts with deepfake videos of Elon Musk or Donald Trump endorsing a fake crypto giveaway event. The videos direct viewers to a scam website made to look official. Victims enter their crypto deposit info and send funds to the provided wallet address. But no doubled crypto is ever sent back.
3. What techniques do the scammers use?
The scam uses deepfake videos, scam websites, fake celebrity endorsements, urgency triggers like countdown timers, fake user chat boxes, and other social engineering tricks to convince victims to send crypto deposits to the scammers.
4. How much crypto have victims lost to this scam?
Reported losses have ranged from hundreds to tens of thousands of dollars worth of Bitcoin, Ethereum, Dogecoin and other cryptocurrencies stolen per victim. The total amount stolen is likely in the millions.
5. How can I avoid falling for the crypto giveaway scam?
Be skeptical of giveaways requiring upfront crypto deposits, research wallet addresses, check video sources for manipulation, read website URLs for legitimacy, and never send crypto anywhere expecting guaranteed returns or instant doubling of funds.
6. What should I do if I fell victim to the crypto giveaway scam?
Report it to authorities and crypto wallet providers immediately. Gather evidence and spread awareness to prevent more victims. Seek legal counsel and tax guidance. Learn from this experience to better spot scams.
7. Who is behind the Elon Musk and Donald Trump crypto scam giveaway?
The identities of the specific scammers are unknown. They hide behind the anonymity provided by cryptocurrencies. The scam videos and websites often get created and taken down quickly to avoid detection.
8. Why are the scammers using celebrity deepfakes?
Fake celebrity endorsements help make the scam appear credible. Elon Musk and crypto have become linked in people’s minds. Donald Trump also provides credibility to conservative investors. The deepfakes lend authenticity.
9. Can I get my stolen crypto funds back if I fell for this scam?
Unfortunately, it is very rare to recover stolen crypto funds once they are withdrawn from the scam wallet address. The anonymous nature of crypto makes this difficult. Prevention is key to avoid losing funds.
10. Where can I learn more about identifying crypto scams?
Reputable crypto education sites like Coinbase and Kraken have scam identification resources. Government consumer protection agencies like the FTC also provide scam prevention guidance through reports and articles.
