Elon Musk Bitcoin Giveaway Scam Rakes in Millions of Dollars in BTC

Elon Musk Bitcoin Giveaway Scam Rakes in Millions of Dollars in BTC
06 June, 2020

Elon Musk Bitcoin Giveaway Scam Rakes in Millions of Dollars in BTC

By Admin . News & Analysis

‘Elon Musk’ bitcoin giveaways continue to scam people on Youtube. Scammers have reportedly pulled in millions of dollars in bitcoin from people wanting to double their cryptocurrency. Some of them use bitcoin addresses containing the name Elon Musk, Spacex, or Telsa. Before sending money to a bitcoin address, check if it has been reported as an address used by scammers.

Elon Musk Bitcoin Giveaway Scam

The number of bitcoin scams using the name Elon Musk, Spacex, or Tesla has been growing. Videos promoting a scam claiming that Elon Musk is giving away 5,000 BTC or 10,000 BTC have been appearing regularly on Youtube. recently reported on this scam which asks people to send them bitcoin, promising to return twice as much BTC sent immediately. The scam pulled people in with an interview with Elon Musk and the recent Spacex launch. 

A Youtube video of an Elon Musk 5,000 BTC giveaway scam on June 20. The scammers claim that if you send them some BTC, they will immediately return 2x as much as you sent. The BTC address for this scam starts with “38vTggxwp…” However, some start with variations of Elon’s name.

The CEO of cyber-security firm Adaptiv, Justin Lister, has been tracking bitcoin sent to vanity addresses containing names such as Elon Musk, Telsa, or Spacex to promote BTC giveaway scams over the past month, Zdnet reported on Friday. Examples of such addresses are “1Musk…” or “1Elonmusk…”

He tracked down 66 addresses that have been reported to, a public database of bitcoin addresses used by hackers and criminals. Using his research and data from the Bitcoin Abuse website, the news outlet found that a total of 214 BTC have been sent to the Elon Musk vanity addresses, which is more than $2 million at the current exchange rate. Since scammers do not just use vanity addresses, such as the one shown in the image above, the total amount they have raked in from this type of scam could be significantly more than $2 million.