Fake crypto giveaways steal millions using Elon Musk Ark Invest video

Fake crypto giveaways reuse YouTube videos of Musk, Dorsey to make millions

Fake cryptocurrency giveaways are stealing millions of dollars simply by replaying old Elon Musk and Jack Dorsey Ark Invest videos on YouTube.

The scheme is the old “double your investment” ruse that promises to pay back twice the cryptocurrency amount the victim sends the scammer.

The fraudsters made more than $1.3 million after re-streaming an edited version of an old live panel discussion on cryptocurrency with Elon Musk, Jack Dorsey, and Cathie Wood at Ark Invest’s “The ₿ Word” conference.

In the past, scammers used other videos related to Elon Musk, including SpaceX launches or Tesla videos, to successfully promote fake giveaways and steal millions of dollars while doing so.

Simple operation

At a quick search, BleepingComputer found that close to 10 YouTube channels have published the discussion, albeit in a smaller format edited to include additional elements that promoted the scam, including the link to the fraudulent crypto giveaway website.

Our findings are just a glimpse of the entire scheme, which we observed unfold since March. However, there are reports of it going as far back as January and bringing scammers $400,000 in just seven hours

Security researchers at cybersecurity firm McAfee were also monitoring the scam and published a report on Thursday in which they identified 11 fraudulent websites.

Fraudulent websites hosting crypto scam
source: McAfee

McAfee updated the post the next day saying that the number of these websites had increased to 26 in just 24 hours.

“The YouTube streams advertised several sites which shared a similar theme. They claim to send cryptocurrency worth double the value which they’ve received. For example, if you send 1BTC you will receive 2BTC in return” – McAfee

However, these websites appear every day and scammers generate new wallets to receive funds from gullible cryptocurrency users. Here’s some that BleepingComputer and…