Tesla CEO Elon Musk is infamous for using his Twitter power. His tweets have highly influenced cryptocurrencies in the past and the present as well. So inevitably, being him would mean you can manipulate the cryptocurrency world the way you please.
At least the majority of us have already realized this fact. Unfortunately, not only the good guys had this realization. Impersonation of Elon to use his influence and scam people off their cryptocurrency has been rampant.
Federal Trade Commission report shows such scams had a sharp rise since October of 2020; the same period when Bitcoin saw the sharpest surge, growing 450% from $10,700 per BTC hitting as much as $64,000 per BTC.
As per FTC, in the last 6 months alone investors have lost more than $2 Million in cryptocurrency scams orchestrated by such scammers. Pretending to be Elon, they’d convince people to send a certain amount of bitcoin to a wallet promising to multiply it. But as you guessed, no such thing happens leaving the victim scammed of thousands worth of cryptocurrency.
Report says, around 7000 people lost over US $80 million since October 2020 in similar scams. Bitcoin price surge has attracted thousands of new investors with little idea about digital currencies. These people turn out to be the easiest targets for the scammers.
The value of bitcoin is down to $37,572 as of the time of this writing, dropping from $56,000 a week ago.