A deepfake video falsely claims that Elon Musk is hosting a $20 million cryptocurrency giveaway, which has raised alarms among his followers.

The misleading video states that the giveaway began on December 13, 2024, and lasts for one week, directing viewers to a scam website, Elon4u.com.

In the video, a deepfake version of Musk urges viewers to participate quickly, adding to the urgency of the scam.

DogeDesigner, a notable figure in the crypto community, warned followers on X (formerly Twitter) about the scam, clarifying that Musk and his companies are not involved in any giveaways.

Experts emphasize the importance of verifying claims from trusted sources to avoid falling victim to such scams.

The website Elon4u.com is now under scrutiny, with experts recommending that users avoid suspicious sites and report harmful content.

This incident highlights the increasing sophistication of deepfake technology, which can convincingly replicate public figures, making scams more believable.

Musk's name has been used in previous fraudulent schemes, contributing to ongoing concerns among his followers about online scams.

Tesla's current market capitalization stands at $1.251 trillion, significantly lower than Apple's at $3.729 trillion, indicating a substantial gap that Tesla would need to bridge.

In a related context, Musk commented on Twitter regarding Bill Gates's short position against Tesla, suggesting that Gates could face significant losses if Tesla's value rises.

Cryptocurrency scams have been on the rise, often exploiting high-profile figures like Musk to gain credibility and lure unsuspecting victims.

DogeDesigner advised the public to remain cautious and vigilant against scams related to the deepfake video.