Security News > 2022 > May > Fake crypto giveaways steal millions using Elon Musk Ark Invest video
Fake cryptocurrency giveaways are stealing millions of dollars simply by replaying old Elon Musk and Jack Dorsey Ark Invest videos on YouTube.
The fraudsters made more than $1.3 million after re-streaming an edited version of an old live panel discussion on cryptocurrency with Elon Musk, Jack Dorsey, and Cathie Wood at Ark Invest's "The Word" conference.
In the past, scammers used other videos related to Elon Musk, including SpaceX launches or Tesla videos, to successfully promote fake giveaways and steal millions of dollars while doing so.
At a quick search, BleepingComputer found that close to 10 YouTube channels have published the discussion, albeit in a smaller format edited to include additional elements that promoted the scam, including the link to the fraudulent crypto giveaway website.
To create the fake table, the scammers used JavaScript code that generated a list of random cryptocurrency wallets and paid amounts.
In the past, scammers used other videos related to Elon Musk, including SpaceX launches or Tesla videos, to successfully promote fake giveaways and earn millions of dollars while doing so.