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Elon Musk Club Scam (Sep 2021) All You Need To Know!

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The guide shares details about the new crypto Elon Musk Club Scam that is targeting many investors worldwide.

Cryptocurrency investment scams are increasing rapidly across the United States. People have lost over 80 million dollars in online fraud, including Elon Musk’s scam claims and celebrity impersonators. 

Recently, Elon Musk impersonators are using his brand name to do crypto scams with others. It has been reported that his impersonators have duped over $2 million worth of crypto from investors in the past six months under the new Elon Musk Club Scam. The scammer promises to offer a high return or double your Cryptocurrency in a shorter time. Continue reading to know more about the club scam and other facts. 

What is Elon Musk Crypto Scam?

According to Federal Trade Commission, the Elon Musk Scam is the new crypto scam where Elon’s impersonators are duping innocent investors in the United States using his brand and name. It has been estimated that his impersonators have conned over $2 million in the past six months from the Elon Musk Crypto Club Scam investors.

The scammers guarantee the investors to offer huge returns from an investment or claim to double their Cryptocurrency in a shorter duration. Earlier, scammers have done scams with social media users by posing themselves to be Elon Musk. 

How is Elon Musk Club Scam Committed?

Tesla’s CEO Elon Musk is an active investor of Crypto, and his opinions for the Crypto play a significant role in influencing the market price. So, Elon’s impersonators are misusing his brand name to trick people into the crypto club scams. 

The scam is committed by using giveaway scams where fraudsters pose as celebrities and other famous figures from the Crypto world and fallaciously claim to multiply the Crypto investment immediately. But, they flee away after taking the money from the investors. 

In the last six months, investors reported losing over $80 million in Elon Musk Club Scam. It is 12 times the number of reports. Earlier, some investors have lost around 9000 GBP in the BTC scam that cashed in on Elon’s association with the money. 

There are many such frauds and scams reported by investors worldwide. 

How to Report the Scam?

According to Federal Trade Commission, victims of the Elon Musk Scam must immediately report it to the higher authorities of Tesla and SpaceX. They also need to report the scam to the Federal Trade Commission to avoid further scams. 

The official website of the Federal Trade Commission has a separate page where investors can report the Elon Musk Club Scam by sharing all the details. It will help the authorities to investigate the scam and help prevent further scams. Victims have to share their details, the type of product or service involved, and information about the scammers and transactions.      

Conclusion

Crypto-related scams are increasingly targeting worldwide investors. But, with the proper knowledge, one can easily avoid getting a victim of Crypto scams online. Besides, it is essential to report the fraud timely to get the lost money back. 

Elon Musk Club Scam has been reported by many investors worldwide, and FTC has been updating the investors about it and urging them to avoid such giveaway scams. You must learn the tips on how to protect yourself from an online scam.

Have you ever been approached by scammers for Elon Musk Crypto Scam? How did you report the scam? Would you mind sharing your experiences in the comment box?

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