5000 BTC Giveaway Scam: Chamath Palihapitiya, Elon Musk Not Giving Away Bitcoin

5000 BTC Giveaway Rip-off: Chamath Palihapitiya, Elon Musk Not Giving Away Bitcoin

The variety of bitcoin giveaway scams has been rising quickly amid rising costs of cryptocurrencies and deepening financial disaster worldwide. These scams declare that well-known persons are gifting away bitcoin, reminiscent of Virgin Galactic Chairman Chamath Palihapitiya, Tesla CEO Elon Musk, and U.S. presidential candidate Michael Bloomberg.

Bitcoin Giveaway Scams on the Rise

Bitcoin giveaway scams claiming that celebrities are gifting away bitcoin or different cryptocurrencies are on the rise as unemployment grows through the coronavirus pandemic and ensuing financial crises. Movies that includes dwell interviews with Virgin Galactic Chairman Chamath Palihapitiya and a “5000 BTC Giveaway” have been commonly showing on Youtube. The movies clarify:

To take part you simply have to ship 0.1 BTC to 20 BTC to the contribution handle and we are going to instantly ship you again 0.2 BTC to 40 BTC to the handle you despatched it from.

The movies elaborate that the extra bitcoin you ship, the extra bitcoin you’re going to get again, emphasizing that “You may take part solely as soon as.” For instance, the scammers declare that for those who ship 20 bitcoins, you’re going to get 40 bitcoins again.

5000 BTC Giveaway Scam: Chamath Palihapitiya, Elon Musk Not Giving Away Bitcoin
A screenshot of a Youtube video that includes an interview with Virgin Galactic Chairman Chamath Palihapitiya and a 5000 BTC giveaway rip-off. The interview was truly a replay of the Coinsummit interview of Palihapitiya which occurred a number of years in the past.

Every video shows a bitcoin handle and an URL of a web site containing further info. “We consider that blockchain and bitcoin will make the world extra honest and open. The present monetary system is outdated,” the rip-off web site notes, claiming:

To hurry up the method of cryptocurrency mass adoption, we’ve dedicated to a complete of 5,000 bitcoin to offer away.

The web site additionally has info on a “particular bonus,” which states that “In case you ship 5+ BTC you’ll be airdropped 10+ BTC again + 50% bonus.”

Youtube has banned a variety of these rip-off movies however they nonetheless preserve reappearing commonly. On the time of this writing, at the very least 4 5000 BTC giveaway rip-off movies that includes Palihapitiya are listed on the Google-owned video-sharing platform.

5000 BTC Giveaway Scam: Chamath Palihapitiya, Elon Musk Not Giving Away Bitcoin
Listing of dwell streaming movies on Youtube claiming that Virgin Galactic Chairman Chamath Palihapitiya is gifting away a complete of 5,000 bitcoins. Nevertheless, it is a rip-off and anybody sending any bitcoin to the addresses displayed on the movies won’t ever obtain something in return.

Apart from well-known billionaire traders like Chamath Palihapitiya, celebrities and politicians have additionally been focused by cryptocurrency giveaway scams. Final week, there was an identical bitcoin giveaway rip-off that featured former U.S. presidential candidate Michael Bloomberg. The billionaire media govt and former mayor of New York Metropolis dropped out of the race to develop into the president of the US on March 4. The faux Michael Bloomberg bitcoin giveaway video requested viewers to switch between 0.1 BTC and 250 BTC to the bitcoin handle displayed on the display screen. Cryptocurrency exchanges and their CEOs have additionally been focused, reminiscent of Coinbase and its CEO, Brian Armstrong.

Rip-off Web sites Declare Elon Musk Giving Away Bitcoin and Ethereum

One other in style particular person usually featured by bitcoin scammers is Tesla CEO Elon Musk. A web site mimicking the Medium publishing platform retains showing underneath totally different URLs. It claims to be the official Elon Musk BTC and ETH giveaway web site. Scammers promote the giveaway on numerous social media platforms, reminiscent of Twitter and Reddit. After a sure time period, the identical website will relocate to a distinct URL and the earlier area title will now not be reachable.

5000 BTC Giveaway Scam: Chamath Palihapitiya, Elon Musk Not Giving Away Bitcoin
This web site claims to be the official Elon Musk BTC and ETH giveaway web site, however it’s a rip-off because the Tesla CEO will not be gifting away bitcoin.

“Our advertising and marketing division right here at Tesla HQ got here up with an thought: to carry a particular giveaway occasion for all crypto followers on the market … If you wish to take part, it’s actually easy to do,” the scammers wrote. “In case you ship in 5 BTC or 100 ETH, you’re going to get the grand prize: a model new Tesla Mannequin S Efficiency with midnight silver metallic, stable black and purple multi-coat exterior, supply included. DM me on Twitter for those who did that and we are going to manage the supply as quickly as attainable.” The web site additionally supplies two “official” hyperlinks for guests to get “free” bitcoin and ethereum.

Giveaways in bitcoin or different cryptocurrencies like those featured above are scams. Billionaire traders like Palihapitiya usually say good issues about bitcoin, together with advising individuals to have 1% of their belongings within the cryptocurrency. Musk not too long ago informed Harry Potter writer JK Rowling that bitcoin is “stable” in comparison with governments’ fiat cash. Nevertheless, none of them are gifting away any bitcoin or different cryptocurrencies. Be cautious of anybody promising to double any bitcoin you ship them as this setup is all the time a rip-off.

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