Elon Musk impersonators have stolen at least $2 million from investors in cryptocurrency scams over the past six months, according to the Federal Trad

According to the regulator, Elon Musk impersonators stole over $2 million in cryptocurrency scams.

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2021-05-19 05:01:41

Elon Musk impersonators have stolen at least $2 million from investors in cryptocurrency scams over the past six months, according to the Federal Trade Commission.

The theft is part of a so-called giveaway scam, whereby con artists pose as celebrities or known figures in the crypto world. They promise to "multiply" the cryptocurrency that investors send — but pocket it instead.

Crypto scams have surged since October, hitting their highest level on record in the first quarter of 2021, according to data published Monday by the FTC.

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That timing tracks with a run-up in the price of bitcoin and other popular digital currencies. Bitcoin was trading at more than $59,000 on March 31 — a return of 450% relative to its $10,710 close on Sept. 30.

Musk, CEO of Tesla, has been a big supporter of cryptocurrencies. In an SEC filing in February, Tesla revealed that it bought $1.5 billion worth of bitcoin. In March, Musk said Tesla would accept bitcoin for vehicle purchases. (He's since backtracked on that position due to environmental concerns.)