Elon Musk Advertises a new cryptocurrency scam

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The fraudster used the deepfakes of Elon Musk and other famous personalities to promote fraud with the BitVex trading platform, which steals deposited cryptocurrency. In the video, Elon Musk’s deepfake stated that Elon owns the BitVex platform and created a website that allows everyone to receive up to 30% profit from their deposits.

This fraudulent campaign began back in May, when attackers hacked YouTube accounts to post deepfakes of Elon Musk, investor Katie Wood, businessman Brad Garlinghouse, entrepreneur Michael Saylor and Ethereum co-founder Charles Hoskinson. In the deepfake videos, the technology synchronized the person’s speech with the attacker’s script.

It was obvious that the interviews were a fake that imitated the voice of a person to promote the BitVex trading platform. Many YouTube channels advertising BitVex have been hacked to display the site’s ads. For example, a YouTube channel with game videos in Arabic suddenly started showing a series of short YouTube Shorts videos advertising BitVex.

On the BitVex website itself, the fraud becomes obvious. According to the description on the website, Elon Musk is the CEO of BitVex. The site is also allegedly approved by investor Katie Wood from Ark Invest and Binance CEO Changpeng Zhao.

To access the investment platform, the user must register an account on bitvex[.]org or bitvex[.]net. After logging in, the website will display a toolbar where you can deposit cryptocurrency, choose an investment plan or withdraw your income. The toolbar also displays recent withdrawals of various cryptocurrencies for the credibility of the site.

Statistics are created in JavaScript and contain random cryptocurrencies (Cardano, Ethereum, Bitcoin, Ripple or Binance Coin) and withdrawal amounts. Fake statistics randomly change every time the page is updated.

The scam was not very successful. According to experts, users transferred only $1,700 dollars to the scammers’ cryptocurrency addresses. Experts found only 6 wallets for cryptocurrencies Bitcoin, Bitcoin Cash, Ethereum, Tether, Dogecoin and Polkadot.However, the addresses alternated, so from the moment the scam was launched, attackers could steal more.

Despite the evidence of fraudulent schemes, fake distributions of cryptocurrencies and investment schemes bring millions of dollars to attackers. Experts have warned that almost every currency distribution site is a scam, especially those that allegedly belong to Elon Musk, Tesla, SpaceX, Ark Invest and Gemini and promise huge revenues. Also, any email, video or message on a social network with promises of large payments after making a deposit is a fraud.

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