This scam fraudulently portrays Elon Musk, Ark Invest, Cathy Wood and others as being involved in a crypto giveaway. It’s a scam.
If you’re interested and participate in crypto regularly then you’re going to learn about key people in the crypto space. One of these people is Kathy Wood whose company Ark Invest have various crypto products people can buy into. A typical Ark Invest fund brings together various cryptocurrencies such as Bitcoin and Ethereum and combines them with high performing tech stocks such as Tesla and Nvidia. Buying into an Ark Invest fund means you buy into all the cryptocurrencies and stocks held by the fund.
Cathy Wood is popular on YouTube as is Elon Musk and they are both big supporters of crypto. This scam is appearing on YouTube and is being selected by the YouTube algorithm as a video you might be interested in watching. Clicking the link takes you to the ‘live stream’ where Cathy Wood, Elon Musk and Jack Dorsey are discussing this great giveaway, except they’re not. They are discussing something else entirely filmed several months ago that the scammers have integrated into the presentation to try and convince you that what you’re watching is authentic. It isn’t, so don’t fall for it.
All you have to do is first send some crypto and they will instantly double it and send it back to you. Hmmm, sounds too good to be true right? That’s because it is. One of the big red flags here is if there was a big giveaway taking place, why do you first need to send Bitcoin? Surely all you would need to do is provide a wallet address to receive the free Bitcoin?
This scam works by taking genuine people like Kathy Wood and Elon Musk and genuine companies such as Ark Invest and using them to try and convince you that there is a crypto giveaway going on. There is no crypto giveaway going on. The only thing that is going on is an attempt to get you to part with your Bitcoin.
Blockchain analysis shows that the scammer’s receiving wallet address had received approximately 1.1 BTC in a little over a day, so unfortunately people are falling for this…
Be careful. If something sounds too good to be true, it is. Below are a couple of screenshots from the scam site.