Musk’s prominence in the crypto community is being weaponized.

Through a combination of personal investments, social media activity, and occasionally confusing memes, Tesla CEO Elon Musk has become something of a celebrity face for cryptocurrency investment. His word has begun to carry increasing weight in crypto investments, especially regarding Bitcoin and Dogecoin. Unfortunately, bad actors have begun to utilize this fame as a means of swindling large sums of money in crypto from innocents.

According to a report from the Federal Trade Commission, in the last year, crypto owners have been collectively scammed out of around $80 million in various cryptocurrencies. Many of these scams utilize the same method: create a social media account, usually Twitter, and copy the appearance of a famous person such as Elon Musk. Aside from slight inconsistencies in spelling or images, these fake accounts are difficult to distinguish from the genuine article.

These fake celebrity accounts then contact random users on the platform where they made their account and share “inside information” about a new crypto or blockchain pursuit that would, theoretically, yield massive returns for investors. The scammer would then request some manner of seed funds, promising to return and multiply them later. The victim sends out the funds in crypto, and of course, neither the money nor the scammer account is ever heard from again.

“Promises of guaranteed huge returns or claims that your cryptocurrency will be multiplied are always scams,” the FTC’s report says.

The most common victims of these scams are usually aged between 20 and 49, according to the FTC report. In addition to utilizing social media platforms, scammers have also been pulling similar scams on dating sites or through falsified “giveaways” requesting access to private information. In the event you are contacted by “Elon Musk” requesting seed money for a crypto project, disregard the request and report the account.