Scammers use fake celebrities to steal millions in crypto fraud
The FBI reports billions lost to cryptocurrency scams posing as celebrities or financial advisers.
Fraudsters increasingly pretend to be celebrities to deceive people into fake cryptocurrency schemes. Richard Lyons lost $10,000 after falling for a scam involving a fake Elon Musk, who used an AI-generated voice and images to make the investment offer appear authentic.
The FBI has highlighted a sharp rise in crypto scams during 2024, with billions lost as fraudsters pose as financial experts or love interests. Many scams involve fake websites that mimic legitimate investment platforms, showing false gains before stealing funds.
Lyons was shown a fake web page indicating his investment had grown to $50,000 before the scam was uncovered.
Experts warn that thorough research and caution are essential when approached online with investment offers. The FBI urges potential investors to consult trusted advisers and avoid sending money to strangers.
Blockchain firms like Lionsgate Network now offer rapid tracing of stolen crypto, although recovery is usually limited to high-value cases.
Lyons described the scam’s impact as devastating, leaving him struggling with everyday expenses. Authorities advise anyone targeted by similar frauds to report promptly for a better chance of recovery and protection.
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