HIGH RISK
Crypto Giveaway Scam
Fake cryptocurrency giveaways promising to double your crypto if you send some first — often using fake celebrity accounts or deepfake videos.
Losses: Part of $2.5 billion in crypto fraud (2024)
Targets: Crypto users, social media users
Updated: 2026-01-06
Also known as: Double Your Bitcoin Scam • Elon Musk Crypto Scam • YouTube Live Scam
1How It Works
The scam is simple but effective:
"Send 0.1 BTC to this address, get 0.2 BTC back!"
**How it's promoted:**
- Fake celebrity accounts (Elon Musk, Michael Saylor, Vitalik Buterin)
- Hacked verified accounts
- Deepfake video livestreams on YouTube
- Comments on legitimate crypto content
- Fake news articles about celebrity crypto giveaways
**Why people fall for it:**
- Celebrities have done legitimate giveaways before
- FOMO (Fear Of Missing Out)
- Small test amounts encourage larger sends
- Professional-looking websites add legitimacy
How Scammers Make Contact
Twitter/XYouTubeInstagramFake websites
2Warning Signs & Red Flags
- "Send to receive" — legitimate giveaways never require this
- Celebrity promoting crypto giveaway
- Urgency — "Giveaway ends soon!"
- YouTube livestream of Elon Musk or other celebrity talking crypto
- Account looks real but was recently hacked
- Links to unfamiliar websites
- Too good to be true multiplier (2x, 5x, 10x)
3Real-World Example
"I saw a YouTube live of Elon Musk talking about a SpaceX crypto giveaway — send 0.5 Bitcoin, get 1 Bitcoin back. The video looked completely real. I sent 0.5 BTC ($15,000). Nothing came back. The video was AI-generated deepfake."
— Chainalysis 2024 Crypto Crime Report
4How to Protect Yourself
- Never send crypto to "receive" more back — this is always a scam
- Verify giveaways through official channels only
- Be skeptical of celebrity crypto promotions
- Legitimate airdrops don't require you to send crypto first
- Check account history — was it recently hacked?
- Report fake livestreams to YouTube
- Remember: You can't multiply crypto by sending it to strangers
5What To Do If You're a Victim
- 1Crypto transactions are irreversible — recovery is unlikely
- 2Report the scam account to the social media platform
- 3Report to FBI IC3 at ic3.gov
- 4Report to FTC at ReportFraud.ftc.gov
- 5Warn others in crypto communities
- 6Be cautious of recovery scams targeting you
Report This Scam
?Frequently Asked Questions
What is Crypto Giveaway Scam?
Fake cryptocurrency giveaways promising to double your crypto if you send some first — often using fake celebrity accounts or deepfake videos. The scam is simple but effective:
"Send 0.1 BTC to this address, get 0.2 BTC back!"
**How it's promoted:**
- Fake celebrity accounts (Elon Musk, Michael Saylor, Vitalik Buterin)
- Hacked verified accounts
- Deepfake video livestreams on YouTube
- Comments on legitimate crypto content
- Fake news a...
How common is this type of scam?
Crypto Giveaway Scam is classified as a high risk threat. Reported losses: Part of $2.5 billion in crypto fraud (2024). This primarily targets Crypto users, social media users.
Can I get my money back?
Recovery depends on how you paid. Credit card payments may be reversed through chargebacks. Wire transfers and cryptocurrency are rarely recoverable. Report immediately to your bank and file complaints with the FTC at reportfraud.ftc.gov and FBI IC3 at ic3.gov.
How do I report this?
Report to the FTC at reportfraud.ftc.gov. For internet crimes, file with FBI IC3 at ic3.gov. For identity theft, visit identitytheft.gov. Also contact your local police and your bank.
Sources & References
Related Scams
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