A German man has lost £407,000 after falling victim to a sophisticated Bitcoin scam that used a fake Elon Musk Twitter account. The man, identified only as Sebastian, told the BBC he was tricked by a website that appeared to be offering a cryptocurrency giveaway.
Sebastian said he received a Twitter notification that appeared to be from Elon Musk, with a link to a professional-looking website promising to double any Bitcoin sent. The site featured a countdown timer and claimed to be run by Tesla. After verifying a blue checkmark next to Musk's name, Sebastian sent 10 Bitcoin, worth approximately £407,000.
When the timer expired and no money was returned, Sebastian realised he had been scammed. He spent the night trying to contact the scammers but eventually accepted the loss. Blockchain analysis firm Whale Alert tracked the stolen Bitcoin as it was cashed out anonymously days later.
Whale Alert founder Frank van Weert said the scams are becoming more successful, with criminals using stolen verified Twitter accounts to appear legitimate. The firm has identified over $18 million lost to such scams in the first three months of 2021, compared to $16 million in all of 2020.
Sebastian, who lives in Cologne, said the loss has devastated his family's finances. 'I thought I'd just thrown away the gamechanger for my family, my early retirement fund and all the upcoming holidays with my kids,' he said.
