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Elon Musk Fans Are Losing So Much Money to Crypto Scams (gizmodo.com)

submitted 1 month ago by UnderpantsWeevil to c/technology

82 comments fedilink hide all child comments

Gizmodo filed a Freedom of Information Act (FOIA) request with the FTC to get complaints sent to the federal agency about crypto scams that pretend to be affiliated with Musk. We obtained 247 complaints, all filed between Feb. and Oct. of this year, and they’re filled with stories of people who believed they were watching ads for authentic crypto investments sanctioned by Musk on social media.

The ads sometimes featured the names of Musk’s various companies, like SpaceX, Tesla, and X, while other times they utilized Musk’s association with neo-fascist presidential candidate Donald Trump.

...

Some people in the complaints believed they were talking directly with Musk, a sadly common story that has popped up in news reports before. But they weren’t talking with Musk, of course. They were communicating with scammers engaging in what’s called pig butchering—the name for a type of fraud popularized in the mid-2010s where scammers extract as much money as possible through flattery and promises of tremendous profits if the victim just “invests” where they’re told.

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[–] [email protected] 26 points 1 month ago (1 children)

This is pretty sad.

I have a number of elderly relatives. The one thing I keep telling them is if they ever get approached, to contact their kids, or check with another family member before responding. So far, there haven't been any problems.

But I heard an in-law's parents in a different state lost a big chunk of money to one of these scams and may now lose their home.

[–] TrueStoryBob 2 points 1 month ago

My elderly dad called me a few years ago to let me know that we'd have to change up all the security stuff for our family phone plan because he gotten scammed. He said he got a call from someone claiming to be a representative of the phone company who said they'd like to lower our monthly bill. I stopped him and said "well, that should have been your first clue... when in the last decade of us using them has that ever happened? When was the last time our bill went down instead of up?"