Daily Crypto Oct. 16: Fraudsters Pretending to Be Elon Musk to Tesla New Vehicle Can Accelerate Stablecoins

Welcome to OLE777 – Asia 1st Multiplatform Crypto Gaming Company in the Daily Crypto section. Crypto scams, blockchain advancements, and Tesla’s future tech are making headlines. A cryptocurrency giveaway fraud, involving deepfake videos of Elon Musk, is tricking people into sending digital assets. Meanwhile, Arkham Intelligence, a blockchain company backed by OpenAI’s Sam Altman, is launching a crypto exchange. Lastly, Tesla’s new autonomous vehicles and robots could push stablecoins into mainstream machine-based transactions.

Crypto Giveaway Fraud: Pretending to be Elon Musk or SpaceX

The SpaceX cryptocurrency giveaway scam tricks people into sending their digital assets to fraudsters by pretending to be Elon Musk or SpaceX. Scammers use online ads on platforms like X, Facebook, and YouTube. These ads often feature deepfake videos of Elon Musk, announcing a fake crypto giveaway.

In the videos, Musk’s voice and appearance are convincingly mimicked. Viewers are asked to visit a fake website and deposit cryptocurrencies like Bitcoin, Ethereum, or Dogecoin, promising double returns. However, once the deposit is made, no funds are returned, and the scammers keep the money.

The fake websites look like SpaceX or Tesla’s official sites and display countdown timers to create urgency. Once the scammers collect enough funds, they disable the website, leaving victims unable to recover their crypto.

How to Spot a Fake Crypto Giveaway:

1. Legit companies don’t give away large sums of money.

2. Watch for misspelled usernames or lack of verification checkmarks.

3. No legitimate company asks for crypto deposits upfront.

Read more: Donald Trump Family Token Project WLFI Plans to Launch Today

Blockchain Company Backed by OpenAI Will Launch Crypto Exchange

Arkham Intelligence Inc., a blockchain data company supported by investors like OpenAI’s Sam Altman, plans to launch a crypto derivatives exchange next month. The company is moving from London and New York to Punta Cana, Dominican Republic, where the new platform will be based. Arkham’s token, ARKM, rose 19% to $1.52 following the news.

Founded in 2020, Arkham analyzes blockchain data and has backing from Bedrock, Draper Associates, Binance Labs, and Altman. The new exchange aims at retail investors and seeks to compete with Binance, though it won’t serve U.S. customers. Arkham is securing a free-trade zone license in the Dominican Republic, which offers tax benefits. 

Arkham is also seeking $100 million in funding to expand and recently signed a €1.8 million per season sponsorship with Turkish football team Galatasaray.

Read more: Memecoin Recommendation by Crypto Expert: FLOCK and PEPE

Tesla New Vehicle and Robot Marked to Accelerate Stablecoin 

Tesla’s new autonomous vehicles and humanoid robots, revealed at Robotaxi Day, could mark a shift towards more digital currency use, particularly stablecoins, according to Pompliano.

He sees these innovations driving an economy where machines rely on stablecoins for fast, low-cost transactions. Tesla introduced the driverless Cybercab, Robovan, and Optimus robots, which Pompliano says signal the need for stablecoins, much like E-Z Pass revolutionized toll payments.

In a Yahoo Finance interview, Pompliano explained that people or machines might save Bitcoin but use stablecoins for everyday transactions. Unlike Bitcoin, stablecoins maintain a steady value, usually tied to fiat currencies like the U.S. dollar, making them ideal for daily use.

He believes as automation grows, stablecoins will dominate machine transactions, urging investors to monitor this trend closely.