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Teacher loses his life savings to Elon Musk’s Bitcoin scam

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Bitcoin, Ethereum, Dogecoin, and other crypto assets are making headlines in all major finance to make people rich from left to right. But as plentiful as success stories are these days, there are also a growing number of horror stories in which people end up with misfortune.

Here’s a sad and painful lesson in which a teacher learned the hard way not to send cryptocurrency to strangers, even if that stranger appears to be Elon Musk.

Bitcoin Scams Grow Abundantly As Crypto Adoption Spreads

Because Bitcoin and other cryptocurrencies exist only on the internet, they are an always-on target for cybercriminals. And as they become more valuable, more criminals see the appeal of trying to steal something, which is much easier than earning it themselves.

Cybercriminals and the tactics they use are getting more and more advanced by the day. High-profile hackers just shut down one of the largest fuel pipelines in the United States, and the US government was able to do little about it.

Related reading | Bitcoin Searches Spike On Google After Twitter Scam Goes Viral

Granted, this didn’t involve Bitcoin, but such ransomware attacks generally do. Other scams involve phishing sites, malware, or worse. Another common scheme, as Brighton teacher Julie Bushnell discovered, involves sending a number of cryptocurrencies expecting double the amount in return, except that the original sender is left empty-handed.

bitcoin scam

As Bitcoin Grows, So Does Investor Assets Target | Source: BTCUSD on TradingView.com

Julie Bushnell is now feeling “ashamed and embarrassed” after realizing that she lost around $ 13,000 in BTC, which was meant to be used as a down payment for a new house.

“They have robbed me of my dignity, my self-respect, my self-esteem and my strength. They have sucked all the goodness out of life, ”he said.
“I want to raise awareness about this scam so it doesn’t happen to other vulnerable people.”

Sadly, for as long as this scam has been around, the number of crypto assets stolen and those affected is only increasing as adoption of the emerging asset class spreads.

Related reading | The most common Bitcoin scams and how to avoid them

During 2020, approximately 10,000 users lost funds due to fake Twitter scams. Yet for the first three months in 2021 alone, there has already been half of that and more than $ 18 million in assets stolen.

Many of them are on Twitter posing as other large accounts, such as Elon Musk. Musk was also used in this example, but instead the scam was found on a fake version of the BBC, which the real version of the BBC says is “still currently online”.

However, it is the same old song and dance. The scammer asks for a sum of cryptocurrencies and, in return, they will double it. If you are brought closer to a situation that seems too good to be true, it most likely is. Learn from this teacher’s troubles and don’t be fooled. For more information on the most common Bitcoin-related scams, check out this list on how to avoid them.

Featured Image from iStockPhotos, Graphics from TradingView.com

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