Elon Musk impersonators stole more than $2 million in crypto scams, regulator says

  • Impersonators of Tesla CEO Elon Musk have stolen at least $2 million from cryptocurrency investors in so-called giveaway scams, according to the Federal Trade Commission.
  • Musk, the self-proclaimed “dogefather,” has been a big supporter of digital currencies like bitcoin and dogecoin.
  • Crypto fraud surged to record levels since October, according to the FTC. Nearly 7,000 people reported bogus investments since then and lost more than $80 million total.

Elon Musk impersonators have stolen at least $2 million from investors in cryptocurrency scams over the past six months, according to the Federal Trade Commission.

The theft is part of a so-called giveaway scam, whereby con artists pose as celebrities or known figures in the crypto world. They promise to “multiply” the cryptocurrency that investors send — but pocket it instead.

Crypto scams have surged since October, hitting their highest level on record in the first quarter of 2021, according to data published Monday by the FTC.

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