The giveaway scheme uses the tech titan’s name as part of Bitcoin addresses for extra credibility
Cryptocurrency giveaway scams – including those impersonating Tesla and SpaceX boss Elon Musk – have been making the rounds for quite a few years now. The newest trick up the fraudsters’ sleeves involves name-dropping Musk into the Bitcoin address itself, which has helped them fleece victims out of more than US$2 million worth of bitcoin over the past two months.
In order to make their ruse seem more trustworthy, con artists use Bitcoin vanity addresses that incorporate a custom element or word into the address itself. In this case, it’s the name of the South African-born tech titan: “1MuskSEYstWetqTFn5Au4m4GFg7xJaNVN2” or “1ELonMUskSEYstWetqTFn5Au4m4GFg7xJaNVN2”
The crooks then ask people to send digital cash to a bitcoin address under the promise of doubling the sum as part of a giveaway. However, as you might’ve guessed, the victim won’t see any of their cryptocurrency ever again.
Justin Lister, CEO of cyber-security firm Adaptiv, who has been tracking the bitcoin addresses misusing Musk’s name over the past month, said he was able to track down 66 such addresses. Speaking to ZDNet, he said he was able to identify the addresses with the aid of BitcoinAbuse, a public database of bitcoin addresses used by scammers, hackers, and various other cybercriminals. According to Lister, the 66 addresses have received over 201 Bitcoin since their creation in April 2020.
ZDNet was able to identify an additional 67th address, which has received another 13.9 Bitcoin, bringing the total to some 215 Bitcoin. Based on today’s exchange rate, this is equivalent to US$2.03 million.
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