TeslaCoin investors lost around $250 in crypto scam on Facebook ads



• TeslaCoin scam affected investors with a least $250
• The European territory is the most affected by crypto-fraud

Recently, a new crypto scam targeted the most vulnerable investors in Canada, Australia, and Europe. According to reports, the fraud is associated with Facebook ads where it is offered to invest in TeslaCoin. It is a well-structured scam medium that takes advantage of the car company’s fame to scam victims.

The TeslaCoin scam victims lost around $250, but big analytics companies like Avast are trying to protect crypto enthusiasts in Hungary, Romania, Poland, Italy, Greece, Australia, and Canada.

New crypto-scam on Facebook


The social network is well known for lending its space to advertisements, but sometimes this gets out of control, being the main driver of scams and digital theft. In this case, Facebook has served as a bridge for the theft with TeslaCoin, a supposed cryptocurrency that will help its investors to increase their income. However, it is just a form of scam that steal people’s money, as reported.

TeslaCoin is supposedly a token created by the car company Tesla and is endorsed by Elon Musk, the billionaire tycoon who occasionally talks about his attraction to cryptocurrencies. The token has a web platform that shows how income is generated with its passive investment. Likewise, the supposed website agents ask the user to indicate their email and telephone number for more information on the subject.

TeslaCoin: A fake token with absurd promises


After the person goes to the TeslaCoin website and provides their email address, the cybercriminal will proceed to encourage them to make their first investment. The scammers only contact the most financially empowered users willing to invest $100, promising them they will earn more than 500 percent. Likewise, criminals send a PDF file to the person’s email that contains a letter from tycoon Elon Musk encouraging them to invest.

According to reports, the scammers use a payment bridge where the person is notified that they must send $250 to create their profile, promising that the refund is assured. On the other hand, they can also ask users to invest that amount of money in exchange for a very high ROI, a desirable method for naive minds.

European investigators are now trying to catch the criminals behind the fraudulent project, while Elon Musk has yet to comment on the matter. The Facebook advertising was removed after this fraudulent method was detected.

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Written by Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.