SpaceX Crypto Scam: Fraudulent YouTube Stream Exploits Starship Launch Event

Just hours before SpaceX launched its Starship, scammers found a way to ride the wave of anticipation. A fake SpaceX YouTube channel appeared, boasting 237K subscribers and running several live video streams featuring a deep-fake Elon Musk. The scam’s goal? To lure viewers into sending cryptocurrency with promises of doubling their funds—a classic crypto scam, only this time, it was packaged with slick visuals and a fake Musk.

Scammers Target SpaceX Starship Launch to Run Crypto Fraud

The fake SpaceX channel. Source: youtube.com

Scammers took full advantage of the massive attention surrounding the SpaceX Starship launch, setting up a fake YouTube channel that looked almost convincing. The video showed an image of Elon Musk standing on stage, with what appeared to be a SpaceX Starship in the background, speaking to a live audience about the importance of cryptocurrency.

Many of us in the crypto world, especially those who’ve invested in speculative assets like meme coins, probably know the feeling—watching your investment lose value while hearing stories of others making 100x returns. Scammers prey on this exact mindset. In this case, the Starship crypto event promised viewers that if they sent a minimum of 0.1 BTC, 1 ETH, or 20,000 DOGE, they would receive double the amount in return. It was, of course, a SpaceX crypto scam.

How the Fake Elon Musk Promoted the SpaceX Crypto Scam

The key to this fraud was the deep-fake Elon Musk. In the live stream, Musk talked about how cryptocurrency is the future, comparing it to gold and explaining that the best time to invest was years ago—while the second-best time is now. He encouraged viewers to scan a QR code, directing them to a website where they could connect their cryptocurrency wallet and send their funds, with promises of having their crypto doubled within minutes. He even claimed that Tesla, SpaceX, Neuralink, and major crypto exchanges like Coinbase, Bybit, and Binance were backing this Elon Musk crypto event, with a total reward budget of $1 million.

It’s hard to believe anyone could fall for this, but when you see someone who looks like Elon Musk standing in front of a SpaceX Starship and talking about crypto, it’s not hard to understand why people might think it’s real. The deepfake wasn’t perfect, and sharp viewers likely noticed a few inconsistencies. Scammers have used Elon Musk's crypto schemes in the past, but the timing and execution of this one might have made it particularly effective

Multiple Streams on One Fake YouTube Channel

The scam seemed all centered on a single, compromised account—the Grimmjack Channel. According to a Reddit user, this channel was hacked and then repurposed for the SpaceX crypto scam, leveraging its existing subscriber base to pull off the fraud.

The scammers even ran multiple live streams on the same channel, each showing the same pre-recorded deep-fake video in a loop. It’s a reminder of how these fraudsters can make even the most basic content look convincing if timed correctly with real-world events.

The Timing of the SpaceX Crypto Scam

A frame from the fraudulent SpaceX crypto scam live stream video

The timing of the scam couldn’t have been more opportunistic. The live stream of the fake SpaceX crypto event was broadcast just as the real Starship was making headlines across the globe. This wasn’t an accident—the scammers knew exactly what they were doing. By running the fake video alongside the actual SpaceX Starship launch, they made the event seem authentic, especially for those who weren’t paying close attention to the details.

As someone who has watched these types of scams unfold before, I have to admit that the timing here was pretty smart. It played into the hype, mixing just enough real-world elements with the fake content to make the whole thing starship crypto seem believable. If you weren’t already suspicious, you might think, "Why would someone fake this? It’s clearly tied to an actual event."

Crypto Investors: Stay Vigilant Against Scams Like This

We’ve all seen it before—crypto scams promising unrealistic returns, often tied to big names like Elon Musk or major companies like SpaceX. But the SpaceX crypto scam was a step up from the usual frauds. By leveraging deep fake AI technology and timing the event perfectly with a major real-world event, the scammers made their deception feel all the more credible.

As cryptocurrency investors, we know how volatile the market can be, and how tempting it is to chase that next big opportunity. But scams like these remind us to stay cautious. If someone promises to double your Bitcoin, Ethereum, or Dogecoin just for sending it to an address, it’s almost always a scam.

In a world where scammers are using more sophisticated methods like deep fakes and hijacked channels, it’s more important than ever to do your own research and verify the legitimacy of any event or offer before making a move.