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| Photo : Pixabay |
- According to a study, con artists made $5 million in dogecoin through bogus giveaways while Elon Musk presented "SNL."
- Victims were fooled into believing they would get twice the amount of dogecoin they sent, according to the report.
- According to the study, several of the deceptive YouTube videos had been removed by Sunday.
Investors in Dogecoin were anticipating Elon Musk's participation on "Saturday Night Live," expecting his words to push the meme cryptocurrency to new highs.
Quite the contrary occurred. Not only did the cryptocurrency plummet by 30% over the weekend, but the dogecoin users was led on by scam artists aiming to dupe them out of their holdings, according to a new study.
The research, released on Monday by blockchain intelligence service TRM Labs, described how fraudsters abused Musk's advocacy of the digital currency and grabbed $5 million in dogecoin.
According to the investigation, this is how the fraud worked.
According to the article, during the "SNL" broadcast, viewers who searched for "Elon Musk SNL" on YouTube could witness livestreams that appeared to be hosted by the NBC program but were actually managed by fraudsters.
The livestreams promoted links to one-of-a-kind websites where viewers could get dogecoin.
On the broadcasts, there was a message that said: "Elon Musk has set aside 500,000,000 DOGE for distribution to all DOGE holders. Anyone can receive some if they go to the website."
This was somewhat understandable, given many of Musk's supporters expected the billionaire's participation on "SNL" to boost the digital asset.
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| Photo : Business Insider |
Users were instructed to send dogecoin to a blockchain address with the promise of receiving twice the amount amount contributed.
According to the study, as of Sunday, the scammer addresses have collected around 9.7 million dogecoin worth $5 million. It highlighted preliminary results indicating the majority of inflows had been sent to the wallets by the owners themselves in order to give the appearance that they were authentic accounts.
According to the report, several of these films had been removed by Sunday.
On Saturday, someone remarked on the dogecoin subreddit: "Don't make the same mistake I did. The website will not return double the amount of coins you sent them. I went from having savings for the first time in my life to having only $60 left in my pocket."
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| Photo : Business Insider |
"Giveaway scams are not new," according to TRM Labs' analysis. According to an FBI webpage regarding mass-marketing fraud schemes, they "victimize millions of Americans each year and cause losses in the hundreds of millions of dollars."
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