Key Points:
- Scammers use the presidential debate to promote fraudulent crypto schemes.
- 24 debate-related phishing domains have been identified, many impersonating Trump and Musk.
- Scams promise to double investments with false endorsements from public figures.
- These scams are spread across social media platforms, including hijacked YouTube channels.
Surge in Crypto-Doubling Scams Tied to Debate
Following last month’s presidential debate, a wave of crypto-doubling scams has emerged, exploiting public interest in political and tech figures. Security researchers from Netcraft revealed that at least 24 domains related to the debate have been established for fraudulent purposes, including 14 phishing sites incorporating the word “debate.” Among these, examples such as “debatetrump[.]io” and “tesladebate[.]com” have been flagged as part of these scams.
These scams leverage the images and reputations of prominent figures like Republican nominee Donald Trump and tech billionaire Elon Musk to give their fraudulent schemes an air of legitimacy. According to Netcraft, using personas with high public trust and influence, such as political leaders and tech moguls, helps scammers build credibility and lure victims into their schemes. The intention behind these scams is to trick victims into sending cryptocurrency, falsely promising to double their investment.
How the Scams Work
Crypto-doubling scams work by offering quick and attractive returns to investors, often claiming to double or even triple the initial investment. These scams typically involve fake endorsements from high-profile figures, including Elon Musk and Donald Trump, along with fabricated graphs, logos, and diagrams to make the schemes seem authentic. The scam pages often feature limited details about how the investment operates, keeping victims in the dark while creating a false sense of urgency to prompt quick action.
One example shared by Netcraft was a scam headlined “Elon Musk X Donald Trump Crypto Giveaway,” which incorporated well-known brand logos, including Trump’s campaign branding and graphs to enhance credibility. The scheme used QR codes to direct victims to payment pages where they could transfer their cryptocurrency, believing they were participating in a legitimate investment.
Another version referenced the debate directly, showing images of Donald Trump, Elon Musk, and Democratic candidate Kamala Harris. This variant featured Tesla’s logo, further blending political and tech-based personas to target a wider audience. The flexibility and customization of these scams show how easily they can be tailored to different groups—whether politically active individuals or those involved in cryptocurrency.
Spread Via Social Media
The rise of these scams can be attributed in part to their widespread distribution across popular social media platforms. Netcraft observed these scams being shared on hijacked YouTube channels where Musk allegedly discusses the debate, further lending credibility to the scam. Beyond YouTube, these fraudulent schemes are being promoted on platforms such as X (formerly Twitter), Facebook, Instagram, and Telegram, reaching even more unsuspecting victims.
The use of well-known public figures and popular brands has real consequences. For companies and public figures impersonated in these scams, the erosion of trust can be significant. Victims often associate the losses with the imitated personalities or brands, leading to potential backlash. Netcraft warned that recovering from such trust issues may take time and incur significant legal and customer service costs for the organizations and individuals targeted by scammers.
Urgency for Swift Action
In its report, Netcraft emphasized the importance of rapid action in identifying and taking down these fraudulent websites and campaigns. Given how quickly scammers spread these schemes across digital platforms, companies must act with speed and precision to limit the damage. While the scams exploit the public’s interest in high-profile debates and figures, ongoing efforts are crucial to protect potential victims from falling prey to such schemes.
