May 19, 2021

The US Federal Trade Commission (FTC) recently revealed in a report that more than $80 million has been lost to crypto-fraud since October 2020, and that those who impersonated Tesla CEO Elon Musk earned more than $2 million.

Since October, 7,000 complaints have been filed.

The commission also found that losses to scammers, embodied by Musk and other celebrities around the world, rose to nearly 1,000% between 2019 and 2020.

Crypto scams often start as investment tips on online news portals.

These “tips” then lure people to fake investment websites.

The report also claims that while scammers often fake celebrity accounts by copying their profile pictures and selecting usernames that resemble real accounts, they sometimes hack profiles instead of imitating them.

For more information, read the original story in BBC.