Over the past ten years, cryptocurrencies have become increasingly popular, with many investors hoping to profit from the potential financial advantages of this new asset class. But this increased enthusiasm has a regrettable side effect: a rise in cryptocurrency scams. In this blog, we’ll talk about a specific cryptocurrency scam that purports to include none other than Elon Musk and his purported “X Token Pre-Sale.” We’ll examine the red flags and fraudsters’ strategies in this instance and advise you on how to avoid being a victim of such scams. Let’s get started!
What Is X Token Scam?
A cryptocurrency scam named “X Token” advertises a fake pre-sale of a token with the name “X Token” that falsely claims to be affiliated with Elon Musk and X (Formerly Twitter). The con artists have made great efforts to make their websites and advertisements seem authentic and reliable. Their websites seem professional and include photos of Elon Musk and the X logo. Fake claims are made that early investors may buy tokens at a cheap pre-sale price before the official debut on exchanges of X’s own cryptocurrency, X Token. Scammers promise enormous gains if X Token becomes successful.
To influence potential victims, the sites use a variety of unethical actions such as fake reviews, celebrity endorsement claims, countdown timers indicating that the pre-sale opportunity is about to expire, and time-limited bonus token offers.
When you pay the money online, the online thieves steal the money and then vanish. There isn’t really a token or pre-sale like that. Scammers have made use of social media sites including Instagram, Facebook, Twitter, and TikTok to spread the scam widely. To spread buzz and increase traffic to their scam websites, they create fake accounts and pay for sponsored posts.
How The X Token Scam Works
The X Token pre-sale scam starts with con artists using strategies to build buzz and lure potential investors to their fake websites. These tactics include:
- Creating Facebook and Instagram profiles pushing X Token as “the next big thing” in cryptocurrency.
- To reach a larger audience, some pages use fake identities, bots, and even sponsored advertisements and posts like a Trading App was involved before in this type of scam which was using Elon Musk’s name. The scam was the Quantum AI Elon Musk Scam.
- Publishing professional-looking YouTube videos highlighting the anticipated tremendous development of X Token. When shared, these make scam websites look more authentic.
- To build buzz, run giveaways, contests, and other activities that offer free X Token. These usually entail visiting scam websites or spreading posts.
- Promoting referral schemes that provide incentives for bringing in new investors. This aids fraudsters in disseminating their scam services.
- Posting about X Token on cryptocurrency forums and groups in order to generate interest and speculation about the fake and scam asset.
Red Flags For X Token Elon Musk Pre-Sale Crypto Scam
Scammers try to legitimate their idea by using Elon Musk’s name, the brilliant businessman behind Tesla and SpaceX. According to them, Musk is the mastermind behind the “X Token” and its pre-sale, and he did so in an effort to profit from his status. However, Elon Musk has not yet introduced any cryptocurrencies or tokens. This fact alone should immediately raise suspicions about this running scam. Now, let’s talk about some tactics of this scam in detail:
The Impossible Token Price
The charm of cheap token pricing is well-known to con artists. They frequently sell tokens at cheap prices during a pre-sale to entice potential victims. With regard to the “X Token,” the con artists assert that the pre-sale starts at merely $1.95 per token. This pricing has been purposefully chosen to appeal to people who think they are getting a great deal.
Creating The Fear Of Missing Out
Scammers who work with cryptocurrencies are masters at playing with people’s emotions, and one of their go-to strategies is to create FOMO. This tactic is used by the “X Token” scam, which asserts that the token’s price would rise just after the pre-sale. This fosters a sense of urgency, leading potential victims to act fast without sufficient information.
Promises Of Special Rewards And Benefits
The promise of special perks and benefits for token holders is the scam’s next tool. These incentives include one-of-a-kind experiences, first-rate services, and pleasant surprises from leading IT firms. Although these benefits may seem alluring, they are frequently unreal. These are the carrots that con artists use to get people to part with their hard-earned money.
Analysis Of The X Token Elon Musk Scam
A few days back, our team of experts saw a video on the internet, that highlighted a possibly hazardous cryptocurrency fraud. The video, which was uploaded by Jordan Liles, exposed misleading tactics using the X token and Elon Musk’s name and popularity. Let’s analyze the scam in more detail:
Step 1: The Scam Ad
The YouTube video featured an ad from the dubious website “Coin News.” This advertisement was nothing less than a scam, falsely claiming the release of an X token. It also implied that Elon Musk was involved in a cryptocurrency project connected to Twitter and Elon Musk which was quite disturbing.
Step 2: Scam Website
Clicking the ad brought you to a dubious website with the domain “telegra.ph” While clearly aimed at cryptocurrency fans, this website generated several questions. Notably, it looked to have come from Myanmar, which raised doubts about its veracity.
Step 3: Fake Claims
The scam website offered an unbelievably cheap token price of 1.95$ per token while making a number of absurd claims, including links with SpaceX and Tesla. This was a tried-and-true trick to get people to reveal their credit card information.
Step 4: Another Scam Website
After one website, we were directed to “xcryptoten.net”. There we found that there was no real relationship between this website with Twitter, Elon Musk, or any other serious cryptocurrency project. It was obvious that it was a scam because of the bad language and sentence structure. The website sought to gather user names and passwords as well as personal information like credit card details.
Final Words On The X Token Crypto Scam
YouTube video and our research highlighted the unfair nature of the X token pre-sale, which was allegedly associated with Elon Musk and Twitter. Before acting, it is essential for people to use the utmost caution and confirm the veracity of such claims. To prevent oneself and the online community from becoming victims of scammers, people should always exercise caution and report any questionable websites or adverts. To protect its readers, Scamlegit.com is dedicated to exposing such scams.
Pawan Kumar a full-time tech Blogger. He did Computer Science at Delhi University. A co-founder of Elbestor (A digital marketing company) He has more than 5+ years of experience in the tech field. Worked as Freelancer, and digital marketing service provider too.