During Elon Musk’s performance on Saturday Night Live on May 8, fraudsters impersonating him posted fraudulent giveaways online. Some cryptocurrency holders were lured into sending funds to unknown accounts with the assurance of receiving back a higher return. Reported losses amount to over $2 million, although initial estimates were as high as $5 million.
Now, some of these victims are appealing to the FTC to help them recover their money. FTC program analyst Emma Fletcher emphasized the hype surrounding cryptocurrencies’ soaring value. “People don’t want to miss out, and scammers want to take advantage of the information gap between their knowledge and the enthusiasm about cryptocurrency,” she said.
Public records of complaints obtained from the FTC…