A woman from Montreal fell prey to an online scam, losing nearly $25,000 to a fraudulent cryptocurrency trading platform she believed had Elon Musk’s backing. The scam involved a fabricated appearance of Musk on a high-earning show generated through deep learning technology.

The scam, promoted on Facebook, lured the woman who was facing financial difficulties. Upon clicking the link provided, she was led to a deceptive website. A broker linked to the platform swiftly approached her, offering investment advice and guidance.

Initially, she saw profits accumulating daily without a clear total, prompting her to meticulously track each investment on a spreadsheet. However, when she attempted to withdraw her funds, the company stalled the process, citing additional fees and security charges. It was only later that she realized she had been duped, unable to trace the fraudsters who had swindled her money.

Jeff Horncastle, an enforcer at CAFC, warns about the escalating threat of investment scams. He advises potential investors to thoroughly verify the legitimacy of trading platforms and secure their funds before committing to any investment opportunity.

Additional Reading: Increasing Instances of Google Ads Promoting Phishing Schemes on Cryptocurrency Websites