Gizmodo filed a Freedom of Information Act (FOIA) request with the FTC to get complaints sent to the federal agency about crypto scams that pretend to be affiliated with Musk. We obtained 247 complaints, all filed between Feb. and Oct. of this year, and they’re filled with stories of people who believed they were watching ads for authentic crypto investments sanctioned by Musk on social media.
The ads sometimes featured the names of Musk’s various companies, like SpaceX, Tesla, and X, while other times they utilized Musk’s association with neo-fascist presidential candidate Donald Trump.
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Some people in the complaints believed they were talking directly with Musk, a sadly common story that has popped up in news reports before. But they weren’t talking with Musk, of course. They were communicating with scammers engaging in what’s called pig butchering—the name for a type of fraud popularized in the mid-2010s where scammers extract as much money as possible through flattery and promises of tremendous profits if the victim just “invests” where they’re told.
Sure, the scams like pig butchering look dumb from the outside, but never think shit like this can’t happen to you. There’s TONs of ways scammers can trick you, but usually they’ll seek out vulnerable people. Sure the gullible are vulnerable, but just because you’re not vulnerable right now, doesn’t mean you won’t be at some point in the future. Desperation can make scholars into fools.
Can agree. I used to think I was savvy enough to avoid getting scammed, until I followed a link that a person who was pretending to be a mechanic gave me to purchase parts for my car. I ended up spending $1300 on parts that didn’t exist.
Long story short, I eventually got my money back after arguing with my bank’s fraud department for several months. I wish I could afford a lawyer so I could sue this guy for pain and suffering + the thousands I spent in Uber/Lyft/Waymo getting to work while I didn’t have a car.
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Maybe a hot take, but those currently into crypto and Musk aren’t that bright.
That is the coldest take I’ve ever heard.
Yep - It was found in the frozen food section
Tossed it in the microwave and here we are
Speak for yourself. Personally I turned $12K into $36K when the US government allowed bitcoin to be traded on the stock market as an ETF. Yet everyone here keeps trying to tell me that it’s a scam. Which is weird, because I bought a car, an OLED TV, and built a $4000 gaming machine with my “fake internet money”, as everyone here likes to call it.
All this stuff I bought with my earnings seems real to me. But hey, keep downvoting and calling me an idiot, like you always do, when I bring up the point that not everyone is stupid enough to lose money with crypto.
Okay, hypothetically let’s imagine someone who is a Bitcoin trading god. Every peak he’s there unloading his bags, every dip and he’s buying hundreds of Bitcoins. This guy turns thousands into millions and millions into billions. Huge success story right?
But here’s the rub, where is all this money coming from? The money isn’t coming out of thin air, it’s not coming from the crypto exchanges, otherwise they’d go bankrupt, it’s not coming from the value of any goods or services produced. The answer is that all that money is coming from other people. Someone has to be buying at the peak thinking it’ll go “To the moon” and getting burned, or maybe the need to pay off some hackers cryptolocker. The same for the dip maybe someone needs real money right now and must sell despite the loss, or maybe someone is panic selling thinking the price will go lower. Our hypothetical trading god hasn’t really created any money or anything of value at all, they’ve just moved money from the losers in the Bitcoin to his own wallet.
This makes you the equivalent to one of the spokespeople from near the top of a pyramid scheme taking about how this is one of the legit pyramid schemes, because you’ve earned so much money! Ignoring of course that all of their money means that someone somewhere needed to lose that money first.
However, I suppose at the end of the day, you did take twenty four thousand dollars from crypto morons, so I suppose that’s kinda noble in a way.
The registered republican voter records are available for purchase - that list is such a gold mine of warm, qualified leads of the dumbest people. Cross reference above a certain threshold for affluent zip codes and split by age and you’re now holding the keys to hate-filled grandma’s pension.
Some people in the complaints believed they were talking directly with Musk, a sadly common story that has popped up in news reports before.
I remember when I thought I was talking directly to a celebrity online… when I was 13. It didn’t take long to realize how stupid that idea was. To be a grown adult and still think there’s a chance a celebrity is sending messages to random people is mind-boggling.
I cringe at the memories now, but at least I can take comfort in having learned about catfishing long before I had money to lose from it.
Oh no! Anyways, what are y’all cooking?
Who would think that Musk fans are gullible people susceptible to scams?
“A fool and their money will soon be parted.”
There are a lot of scams out there pretending to be Musk. If you want to watch a SpaceX launch, there’s probably at least 1 scam youtube stream out there that looks legit with thousands of viewers and then turns into a scam before the launch.
After all of the send me crypto and i’ll send double back… I find it hilarious that he’s now telling people to do things and he’ll pay them… and it’ll be even funnier when they realize they don’t get it and were scammed into giving him their info for no money.
If it’s on YouTube then it’s a scam, spaceX don’t have a YouTube channel, I assume for some stupid petty musk reason.
I mean it makes sense to target these people. If you’re stupid enough to believe the shit Musk or Trump spout, you’re also stupid enough to not see these very obvious scams.
there was a story here recently about a lot of scamming happening on truth social. so yeah.
When these scams first started featuring Musk, it was clear that he was a common lead because of his wealth. Pretty much just “Get rich quick, and be rich like [insert rich guy here]”. I’ve seen scams in the past with Buffet, Gates, or Bezos on it before, because the kind of people who fall for a get-rich-quick scam are the kinds of people who idolize wealth.
But now it seems that Musk fans are a uniquely exploitable group. They are easily fooled by wild claims, and quickly subscribe to magical thinking. At this point, they’re just low-hanging fruit.
There previously were scams that invoked Bill Gates’ name, but I guess crypto made it much easier, especially since anyone can watch Musk gush on about crypto on YouTube, thus validating the ideas for the gullible.
They didn’t realize that his “joke” on SNL was actually him being honest.
Don’t it just break your heart?
Skill issue lmao
SKISSUE says chat lol
I always thought people with crypto was at least a bit technical and security minded
They were at first, and if you find someone going on about Monero they still might be, but most of the crypto bubble was the dumber, less successful finance bros trying to go to the moon or whatever. They don’t actually understand crypto, they just use buzzwords to try to sell it to people.
