Scammers Net $5 Million in Dogecoin Through Fake Elon Musk SNL Streams
Fraudsters used fake YouTube live streams of Elon Musk's SNL appearance to run a massive Dogecoin giveaway scam, stealing approximately $5 million from victims.
Scammers exploit Elon Musk's appearance on Saturday Night Live to run a massive cryptocurrency giveaway scam, netting at least 9.8 million DOGE worth approximately $5 million USD. Fraudsters create fake YouTube live streams that look like official SNL broadcasts, using deceptive account names and large subscriber counts to trick viewers into believing the streams are legitimate.
The fake streams direct viewers to fraudulent websites that promise to double any DOGE sent to a specific blockchain address. Scammers claim that Elon Musk dedicates 500 million DOGE to distribute to all holders, but once victims send their funds, the scammers simply keep the proceeds. Preliminary analysis reveals that many of the incoming transactions actually come from the scammers themselves to create a false illusion of legitimacy.
By Sunday morning, the scammers delete the original videos to cover their tracks, though TRM Labs links them to previous giveaway scams across multiple blockchains including BNB, Ethereum, and XRP. Victims share devastating stories on online forums about losing their life savings, highlighting how the expanding crypto landscape continues to provide new opportunities for cybercriminals to execute mass marketing fraud.