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Whale alert, and tracked Elon Musk fake give away scam has reached a staggering degree.

At present there are many prominent stars and celebrities are entering the cryptocurrency industry. Elon Musk is one of the most popular crypto players. Musk is known for supporting DogeCoin in the form of DogeFather.

Blockchain platform for tracking coins Whalealert tweeted about the continuing “Elon Musk’s prize giveaway” fraud.

“A payment of 1.03 #BTC (62,654 USD) was just made to a confirmed Elon Musk Giveaway scam!”

According to Whalealert’s report, the entire transactions show a clear sign of the seriousness of the fraudulent cryptocurrency giveaway fraud.

Scammers target social media users

Typically, fraudsters target crypto users seeking to find of the most reliable cryptocurrency asset or to earn cryptocurrency for free, through the help of the target audience.

Typically, scammers promote their fake giveaways via YouTube advertisements, Twitter & other social media sites such as Facebook.

Sometime, scammers target celebrities with their accounts directly. In July of 2020, many celebrities discovered they were unable to access their Twitter accounts. The scammers were spreading cryptocurrency giveaway scams” Send $100 and receive the amount back in $2000”, similar to.

In the social media account hijack, it was mostly world famous personalities such as Elon Musk Barack Obama, Joe Biden, Kanye West and Kim Kardashian.

In this scam, scammers took around $118,000 worth of Bitcoins. However, further investigations revealed that the victim was a teen from Florida who was behind the scam, and, following that, he was sentenced in prison for three years.

Elon Musk on cryptocurrency scam

Recently, Elon Musk and Billy Markus (past DogeCoin developer) discussed crypto scams that have been reported on social media platforms. They focused on scammers and spammers who claimed to offer two times the money.

Read More : American Star Jim Cramer Shares His Stance On Bitcoin

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