Elon Musk’s Twitter Account Gets Hacked, Offering 'Free' Cryptocurrency

Scam Alert: Elon Musk Token Giveaway on Medium a HOAX

Cryptocurrency is doing great, even with the drop happening with prices for most tokens. Bitcoin is slowly but surely climbing as are several of the world’s altcoins. Mainstream usage is nowhere near acceptance, and it will likely be years before it happens. Since cryptocurrency is still relatively underground, scams are more prevalent than ever, as currently seen on Medium, where an individual posing as Elon Musk is claiming to give out free tokens.

In reality, Elon is not giving out tokens for free. It’s merely another criminal setup hoax to steal money from naïve investors. There have been dozens of scams in the cryptocurrency sphere, some of them more preposterous than others. No fraud to date has been more ludicrous than the current one on Medium. Elon Musk is not giving away tokens; it is simply a scam that has started on Twitter. Luckily the hoax is being nipped at the bud while still in the early stages of development.

A major problem today is the creativity of cybercriminals. They are continually devising new ways of ripping people off, more so new investors than anyone else. Newly emerging types of theft are hard to keep track of, one of them recently used is through supposed crypto giveaways. Typically, they claim to giveaway Ether or BTC for money, usually a tiny amount. To anyone worth their salt, it’s an obvious scam, but to new investors who are naïve, it’s an exciting promise of easy profit.

The trend is happening more and more, now starting to incorporate celebrities and respected individuals without their knowledge. One of the newest to scams to appear is on Medium, a network considered to be trustworthy. However, there’s a recent post on the platform claiming to be posted by Elon Musk. It’s an interesting post by the criminals, who are attempting to profit off the trust most people have for Musk.

Apparently, the post was placed by ‘Space X’ marketing which is giving away free BTC. But it’s a completely fake post, one that isn’t giving away Bitcoin or Ether, instead only a scam which will steal people’s money. A free Tesla 3 is also promised to anyone who invests large sums of money. But there is no giveaway whatsoever; it’s a pure and very real scam.

Scams of this nature, as well as others, are all a serious problem. They pose a genuine threat to the entire cryptocurrency sphere. Even though they are scams, they place a terrible light on cryptocurrency, only further pushing it from mainstream adoption. Another problem is that cryptocurrency scams are more accessible than traditional online scams and harder to trace. A majority of users will never fall for these scams, but those who do will potentially suffer great monetary loss.

Have you ever been taken by a scam? Tell us about your experience in the comment section below.

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