Crypto-Doubling Scams Spike After Presidential Debate

Key
Points:

1. 
   Scammers
   use
   the
   presidential
   debate
   to
   promote
   fraudulent
   crypto
   schemes.
2. 
   24
   debate-related
   phishing
   domains
   have
   been
   identified,
   many
   impersonating
   Trump
   and
   Musk.
3. 
   Scams
   promise
   to
   double
   investments
   with
   false
   endorsements
   from
   public
   figures.
4. 
   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.