Fake Elon Musk Bitcoin scam conned victim out of £400,000

A MAN has claimed he lost £400,000 ($560,000) to a Bitcoin scam after he clicked on a link underneath a tweet by Elon Musk.

Musk tweeted "Dojo 4 Doge" back in February this year and scammers were quick to post fake links underneath it.

The man from Cologne in Germany told his story to the BBC.

He wanted to remain anonymous so the news outlet changed his name to Sebastian.

Sebastian saw Musk's tweet referring to cryptocurrency dogecoin on the evening of February 21.

He clicked on what he says was a legitimate-looking website link in the tweet's replies which claimed that Musk was going to double your money if you sent him Bitcoin.

The website said it would double cryptocurrency quantities and encouraged people to send anywhere between 0.1 to 20 Bitcoins.

That's currently around $5,600 to $1.1 million (£790,000) worth of Bitcoin.

Unfortunately, the professional-looking website was a scam and had nothing to do with Musk.

The website had a timer that made Sebastian think he was about to miss out so he wired over his 10 Bitcoins.

Sebastian watched the website's timer count down and expected to see money appear in his Bitcoin wallet but none did.

He told the BBC: "I realised then that it was a big fake.

"I threw my head on to the sofa cushions and my heart was beating so hard.

"I thought I'd just thrown away the gamechanger for my family, my early retirement fund and all the upcoming holidays with my kids.

"I went upstairs and sat on the edge of the bed to tell my wife. I woke her up and told her that I'd made a big mistake, a really big mistake."

The 42-year-old said he didn't sleep that night.

Dutch analysts at a company called Whale Alert watched with shock as Sebastian's 10 Bitcoin were transferred and then cashed out of the wallet a few days later.

The transaction was the most Whale Alert has ever observed being lost to a scam.

The cybercriminals have not been found.

This isn't the first time Musk's name has been brought into a crytocurrency scam.

Back in July 2020, scammers hacked the accounts of Musk, Bill Gates, Kim Kardashian and other big names in an attempt to get people to give away Bitcoin.

You should always be wary of website links you've not seen before and never give personal information or money away online unless you're 100% certain it's not a scam.

What is Bitcoin?

Bitcoin got you baffled? Here’s what you really need to know…

  • Bitcoin is a virtual currency
  • It's traded between people without the help of a bank
  • Every transaction is recorded in a public ledger, or 'blockchain'
  • Bitcoin is created by mining
  • Mining involves solving difficult maths problems using computer processors
  • Bitcoin can be traded anonymously, which makes it a popular way of funding illegal activities
  • A single Bitcoin is worth just under £5,000 today, but the value fluctuates wildly
  • Bitcoin is one of many different cryptocurrencies, but by far the most popular

In other news, Google is under fire for harvesting internet data of users browsing in Incognito Mode.

WhatsApp will block older iPhones with its new update.

And, Apple analysts are speculating that the iPhone 13 may never come to market.

Have you spotted any scams recently? Let us know in the comments…

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