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Elon Musk’s Bitcoin giveaway scam cost the man $600,000 in BTC loss – Featured Bitcoin News

A German man shared his story about how he fell due to Elon Musk’s Bitcoin giveaway scam. He lost 10 Bitcoins due to fraud, which is worth nearly $600,000 at current prices. He revealed: “I just throw away game changers for my family, my early retirement fund and all the vacations I spend with my children.”

Fake Elon Musk Bitcoin giveaway scam continues to deceive investors

As the price of Bitcoin has repeatedly hit record highs, Tesla invested $1.5 billion in the cryptocurrency, as well as various encrypted tweets by Elon Musk, using the names of Tesla executives The number of Bitcoin giveaway scams has increased. The BBC reported this week that a German man from Sebastian Cologne had lost 10 bitcoins in a bitcoin scam donated by Elon Musk. According to data from, the current price of BTC is $59,115, and his Bitcoin is worth about $600,000.

One night, after his wife went to bed, Sebastian received a Twitter notification that Musk had posted “Dojo 4 Doge” on Twitter. It was February 21st. While wondering what this means, he noticed some comments about Bitcoin giveaways below the tweet. The 42-year-old young man visited what he called a professional-looking website through a link on Twitter, and the BTC giveaway activity on the website was in full swing. These comments and links were posted by the fake Elon Musk (Elon Musk) Twitter account, but Sebastian did not realize this at the time.

The BTC giveaway seems to be managed by Musk’s Tesla team, inviting people to send them any amount from 0.1 Bitcoin to 20 Bitcoin, and the team will give back twice the amount. There is also a timer until the end of the promotion.

The BBC detailed: “Sebastian carefully checked the verification logo next to Elon Musk’s name, and then tried to decide whether to send 5 or 10 bitcoins.” He told the news media:

I thought the biggest, it was definitely true, so I sent 10 bitcoins.

In the next 20 minutes, the timer gradually disappeared, and Sebastian refreshed the screen every 30 seconds, waiting excitedly to receive 20 bitcoins from the Tesla team.

Then, he saw another “mysterious tweet” posted by Musk on Twitter and felt relieved that the gift was real and the news media conveyed the news. However, as the timer on the fraudulent website was reduced to zero, “then I realized it was a big fake,” he said:

I put my head on the sofa cushion, and my heart beats so hard. I thought I would throw away game-changing things for my family, my early retirement fund, and all the holidays I’m about to spend with my kids.

“I went upstairs and sat on the bed to tell my wife. I woke her up and told her that I had made a big mistake. It was a very big mistake,” he admitted.

Sebastian didn’t sleep that night, spent hours sending emails to the scam website and tweeted a fake Elon Musk Twitter account in an attempt to recover some or all of the BTC. However, he finally accepted his idea of ​​10 Bitcoins disappearing forever.

Researchers say that the scammers’ income in 2021 broke a record. In the first three months of this year, gift fraud has generated more than 18 million U.S. dollars, and the total amount of fraud in 2020 is 16 million U.S. dollars. Elon Musk’s Bitcoin giveaway fraud case defrauded millions of dollars. Scammers also used Musk’s other company, Spacex, and other well-known brands to promote their BTC gift scams, including Microsoft co-founder Bill Gates and Amazon CEO Jeff Bezos.

Sebastian warned others not to be deceived like him, insisting that he is “usually not the biggest idiot in the world”. He further shared: “I have studied and have an excellent marketing job in the IT industry. I live with my wife and two children. We have a beautiful house with a garden.” Nevertheless, he concluded:

I was greedy that night, which made me blind.

At the same time, the real Elon Musk continued to post tweets about Bitcoin and Dogecoin. The Spacex CEO recently changed his title at Tesla from CEO to “Technoking”, and his CFO title is now “Coin Master”. In addition, he almost sold a song about non-fungible tokens (NFT) for NFT.

What do you think of the Bitcoin giveaway scam? Let us know in the comments section below.

Picture Credits: Shutterstock, Pixabay, Wiki Commons

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