Spoiler: These adverts you are seeing for a brand new X cryptocurrency endorsed by Elon Musk aren’t what they seem like.
Within the dynamic panorama of on-line scams, our Avast staff has recognized a brand new and daring rip-off, utilizing the likeness of Elon Musk. This quarter, we uncovered commercials that includes Musk to advertise a supposed new cryptocurrency. The irony is placing – these adverts have been paid for and displayed on a platform owned by Musk himself, making a misleading endorsement loop.
This is what they seem like:
Once you click on on the advert, it takes you to an internet site that appears like a information outlet, speaking concerning the launch of the brand new cryptocurrency and how one can be part of the “personal pre-sale”:
The primary run of the rip-off we detected again in October had a number of flaws that would give it away, though general it was properly designed. There have been some minor particulars, reminiscent of altering the title of the cryptocurrency from X-Token to X-Coin a number of occasions, or utilizing the outdated title and emblem of Twitter on the similar time they have been utilizing the brand new X one:
However probably the most mind-blowing a part of the rip-off confirmed up once they have been providing the victims completely different promotions to purchase the largest quantity potential of tokens. There have been three principal tiers of unique advantages which you would entry along with your buy
- Tier 3: +10,000 X Tokens
- Tier 2: +20,000 X Tokens
- Tier 1: +30,000 X Tokens
Tier 3 individuals have been promised to obtain “personalised funding suggestions and help from Elon Musk himself by way of WhatsApp.” If the potential sufferer hadn’t suspected a rip-off till this level, this element probably modified their thoughts: it is extremely unbelievable that Elon Musk would use Mark Zuckerberg’s WhatsApp as a communication methodology with anybody. The unhealthy guys should have realized this was not the right strategy, as they eliminated this “promotion” within the following runs of the rip-off.
Traders that have been shopping for greater than 20k X Tokens have been promised “to be entered right into a raffle for an opportunity to win one in all solely 10 obtainable tickets to journey to Mars.” And that is only for Tier 2 traders! Tier 1 traders “may have the prospect to win a Neuralink mind chip that straight interfaces the human mind with OpenAI by a raffle.”
It’s a bit awkward to say OpenAI though, to be truthful Elon’s new AI mission, Grok, had not been introduced but. The truth is, the opposite rip-off runs that have been launched after Grok was introduced included it as an alternative of OpenAI, and added a flame thrower from The Boring Firm, or perks from Tesla:
What are these guys actually after? Cash, in fact. And a few private information to high it off. First, they ask the potential investor to create an account:
As soon as created, you may log in and examine your stability:
From right here you might be provided to hitch the personal presale, the place the extra X Cash (they hold altering from X Token to X Coin) you purchase, the extra advantages you’ll get pleasure from. The minimal quantity to purchase in Ethereum is 0.3146, which is round US$900:
Fee is required in cryptocurrency, naturally. Anonymity is essential for the scammers, so by the point the sufferer realizes the rip-off, getting a refund is inconceivable.
Once you log in to the platform to see your stability and transaction historical past, all the things is there: 
By this stage, the sufferer has already misplaced their complete “funding,” and it is solely a matter of time earlier than they understand this unlucky reality.
As we wrap up our evaluation of this rip-off, it is important to know the driving elements behind it. The scammers are exploiting the thrill round new and doubtlessly worthwhile alternatives in cryptocurrency, significantly these related to celebrities like Elon Musk.
The sophistication of this rip-off, from its well-crafted promotional tiers to the seamless look of a reputable funding platform, underscores a worrying development in cybercrime: the growing complexity and believability of on-line scams. Using real-time stability and transaction shows on the faux platform provides a layer of false legitimacy, luring unsuspecting victims deeper into the rip-off.
Nevertheless, this case additionally serves as a stark reminder of the need for vigilance within the digital age. The incongruities—such because the inconsistent naming of the cryptocurrency and the implausible guarantees of non-public interplay with high-profile people—are telltale indicators of deceit. This rip-off exploits the thrill round rising applied sciences like cryptocurrencies, Mars exploration, and neural interfaces, mixing them right into a narrative too engaging for some to disregard.
The important thing takeaway from this incident is the significance of vital considering and due diligence in on-line investments. As we transfer ahead, let this be a reminder to people and organizations alike to strategy such “too-good-to-be-true” affords with skepticism and warning. Avast stays dedicated to uncovering and educating the general public about such schemes, strengthening our collective protection towards these evolving cyber threats.
