Gizmodo filed a Freedom of Information Act (FOIA) request with the FTC to get complaints sent to the federal agency about crypto scams that pretend to be affiliated with Musk. We obtained 247 complaints, all filed between Feb. and Oct. of this year, and they’re filled with stories of people who believed they were watching ads for authentic crypto investments sanctioned by Musk on social media.
The ads sometimes featured the names of Musk’s various companies, like SpaceX, Tesla, and X, while other times they utilized Musk’s association with neo-fascist presidential candidate Donald Trump.
…
Some people in the complaints believed they were talking directly with Musk, a sadly common story that has popped up in news reports before. But they weren’t talking with Musk, of course. They were communicating with scammers engaging in what’s called pig butchering—the name for a type of fraud popularized in the mid-2010s where scammers extract as much money as possible through flattery and promises of tremendous profits if the victim just “invests” where they’re told.
Don’t it just break your heart?
But they weren’t talking with Musk, of course.
😆😆😆😆😆
There’s a simple explanation for this. Elon Musk fans are fucking idiots.
Like their master
They might also just be the target demographic for pig butchering.
- Middle Class
- Over 40
- Conservative Male
- Greedy / Self-serving
But yeah there is definitely correlation with low cognitive ability.
You also have to be the sort of person that genuinely believes you can get something for nothing. You have to have a relatively low IQ for that to be the case.
You also have to have a relatively low IQ to continue to listen to anything Musk says, so the group are Self-Selecting.
You need to believe that you can get ahead in society by being smarter than the competition, instead of just being luckier.
They are naive if anything.
Not really. You have to be the sort of person who understands that investment works and not how it works or why it works and most importantly why you aren’t going to hit the jackpot on it even though some people do. They’re the standard marks for an investment con. So yeah they’re stupid and self selected, but the mechanism of action is important because it shows us how to help people avoid falling for it not just letting us feel superior to those who do.
I feel like everyone understands the basic concept behind investment. But I also feel like pretty much everyone knows that there’s no such thing as a free lunch.
Whenever you invest in something it’s pretty obvious what the other party’s motivations are. If you cannot see how the other party could possibly benefit, then it’s probably because it’s a scam.
Who taught this Tardigrade to play the Cello? Its all wrong. He’s not going to get any notes out of it playing it under the bridge.
He’s doing the best he can, show a little respect.
I want a water bear as a pet so bad but the fact that they’re microscopic might be an issue
the fact that they’re microscopic might be an issue
Why? All that means is you may already have one without knowing it.
YOU’RE SO RIGHT OH MY GOD
Dork Maggot.
Schadenfreude popcorn 🍿 time.
A lot of the people falling for these scams are straight up mentally ill or disabled.
It’s funny to think of some blowhard yacht guy getting fleeced. Less funny to see an adult with Down’s Syndrome or Schizophrenia or Dementia or a child who got hold of a parent’s credit card and sucked in by some Mr. Beast tier grift get played.
Don’t have empathy. It’s not allow
Citation?
The article said nothing about intellectual disability, but it did suggest some older people contextually from their complaints. Here’s an actual citation from one of the complaints that I think sums it up perfectly:
Now, i’m an intelligent [person], at least I consider myself that to be. I am a huge fan of elon musk and tesla. I only bit into this because it did sound too good to be true.
It’s just how basic demographics analysis works. There’s a lot more people who are struggling with mental health problems/mental disabilities that make them more prone to believing scams. And so many games and storefronts use dark patters to make it extremely easy to make undesired purchases or have no safeguards to prevent children from using their parents credit card for purchases.
All these kinds of people vastly outnumber dumb finance bros on their yachts making stupid money decisions.
while other times they utilized Musk’s association with neo-fascist presidential candidate Donald Trump.
I love that they called him what he is. I wish more in media would.
Here is the secret all crypto is a scam. People just have not figured it out yet.
Tech bros are tech broing?!
I saw one of these and it took me a second to realize it was a scam. I’m a spaceflight geek and as much as a tool as Musk is, there’s heavy overlap in spaceflight and SpaceX.
On Youtube there was a purported “live launch update” livestream. I was confused because I knew there were no launches scheduled that day of any kind much less SpaceX. What I saw was Musk on a stage outdoors apparently talking about a new SpaceX crypto product and the voice, which sounded exactly like Musk’s talked about giving away free crypto the only thing you had to do was buy it, then share you wallet info and Musk would double it.
Besides this smelling very suspect, I realized that there were never close shots when musk was talking, so you couldn’t see the lips match the words being said audibly and I knew it was a scam.
I can absolutely see how the greedy would get scammed by this.
I saw one of these too on YouTube – it easily popped up early on my home page.
I’d consider myself a tech savvy person and even then, this took a minute to spot the scam. I can totally see someone falling for it.
I can absolutely see how the greedy would get scammed by this.
Really? The only way that could sound more like a scam is if there were a chyron at the bottom spelling out THIS IS A SCAM.
It sounds like a scam because I’m distilling all the things that told me it was a scam. I’m glad you can take what I’m tell you is a scam and say “yes thats a scam”. Congrats?
Musk also does stupid stuff that loses money. He’s (likely illegally) giving away money to buy votes in some states. Musk is also a known cryptobro. The idea that Musk would be giving away crypto to try to build influence or attention isn’t far fetched.
I mean, “give access” and “double your bitcoin” are somewhat textbook phrases for scams…
Although, I def. see how one can miss it at first. I remember one bank scam call where the thing that ultimately clued me in was a rather unprofessional response along the lines of “don’t call crying back to us” when I’ve said I’m a bit busy to go check the card or whatever they’ve asked to, while what should’ve done this in the 1st place was another textbooky “have u transfered any funds to Joe Shmoe”. Looking back, would’ve been funy AF to pull the Karen on them 🥲
Ngl I always hated crypto but this is like best argument for crypto. Wtf I’m even doing at my job, I should be doing something actually important like scramming Elon Musk fans.
I like the idea of crypto, vut i hate crypto bros.
I don’t really like idea, I can’t see how it could be done in anyway that doesn’t lead to already rich people insider trading it.
If it’s p2p, then there are no insiders.
I like the basic fundamental idea, but the implementation is dreadful.
I’m all for coming up with some kind of method for validating decentralized information but the system that cryptocurrencies use is highly inefficient.
Idiots who fall for Elon Musks genius persona and think they are smart also fall for crypto scams? Shocking I tell you, shocking
This has been news in Canada for about a year, story after story about people getting sucked in and losing tens to hundreds of thousands of dollars. When it’s not Musk it’s Justin Trudeau, same M.O.
You’d think if these people read the news outlets they share their stories with that they would have seen one of the articles already because they’re so common. But then again people still take Sunwing package vacations then complain to the news when it’s subpar so idk.
Edit to add I blame big tech more than the scam victims, they have no protections in place and are profiting off the scammers immorally as well. They should have to manually review these things or at least be responsive to user reports and they’re doing neither. I actually know someone who got banned from Meta products for reporting too many scam ads.
You’d think if these people read the news outlets they share their stories with that they would have seen one of the articles already because they’re so common.
Crypto scams have overwhelmed the news feeds. I see scams showing up on the front page of my fucking retirement account. Dumb money retail investors chasing fictitious capital are setting off a feeding frenzy.
