Over the last seven months, the number of Bitcoin scams has increased dramatically. The scams began around October 2020 and are still going on today. “Since October 2020, reports have skyrocketed, with approximately 7,000 people reporting losses of more than $80 million on these scams,” the FTC reported on May 17, 2021.
It explains two different types of scams: The first is to entice victims to phoney websites that appear to be legitimate and offer investment opportunities and the second is essentially a celebrity scam, in which the alleged celebrity claims to triple every bitcoin investment instantly. Elon Musk's name is often used as a celebrity in the latter scam. He is used to lend legitimacy to the scam because of his business acumen and involvement in cryptocurrencies.
The BBC reported on May 13, 2021, that a schoolteacher had lost £9,000 (nearly $12,750) after being duped into visiting a fake website. The study didn't say how she was tricked, but the website was a parody of the BBC. According to a fake news article, “Tesla buys $1.5 billion in bitcoin, plans to give $750 million of it away”, only the second half of the headline is incorrect. Tesla did, in fact, purchase $1.5 billion in bitcoin in February 2021, citing the need for “more versatility to further diversify and optimize returns on our cash.”
Grammatical pedants may have seen a red flag in the fake BBC website's use of the word "giveaway" (generally a noun) instead of "give away" (the correct form for an action). Scams are known for grammatical and typographical mistakes, but the fake website is otherwise very convincing. The teacher invested £9,000 with the expectation of receiving £18,000 in return but got nothing.
A month before, the BBC reported on a T ..
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