No, Elon Musk is not attempting to con you into investing in Twitter

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A simple con is raking in millions for the con artists.

image credits: forbes

If you see a website or a YouTube video where Elon Musk or Twitter founder Jack Dorsey “promote” a cryptocurrency scheme in which you can double your money in a day, know that it’s a scam, that the two tech entrepreneurs/celebrities aren’t promoting any such schemes, and that if you send any of your crypto to the promoted wallets, you’ll never see it again.

McAfee cybersecurity experts have found a simple but sophisticated scheme that has so far netted the schemers more than $1.3 million in various cryptocurrencies. The operation makes no use of malware and instead preys on unsuspecting cryptocurrency speculators.

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The idea is straightforward, and it entails advertising it via an edited video of an old live panel debate on cryptocurrencies with Elon Musk, Jack Dorsey, and Cathie Wood at Ark Invest’s “The Word” conference.

YouTube abuse

If the victims submit their cryptos to certain addresses, they will receive a double return on their investment. McAfee has discovered more than 26 websites that promote the hoax, with the number likely to rise. To give legitimacy to the scheme, the websites appear to provide a list of addresses participating in the scheme, as well as the monies transferred and received. Researchers discovered that the scammers generated a list of random cryptocurrency wallets and amounts paid using JavaScript code.

The scammers are also utilising YouTube to spread their message. BleepingComputer discovered nine channels throughout its examination, some of which have as many as a million subscribers. The stats, on the other hand, appear to be false, as these films have no other content beyond the scam video.

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Elon Musk and Jack Dorsey’s names are frequently used to promote cryptocurrency scams, owing to Musk’s Tesla accepting bitcoin as payment at one point and Dorsey’s outspoken support for the nascent technology.

They’ve never participated in giveaways, airdrops, crypto schemes, or anything like, and are unlikely to do so in the future.

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