Deepfake video shared to claim Elon Musk is giving away cryptocurrency

What is the claim?

A deepfake video appearing to show Tesla CEO and X (formerly Twitter) owner Elon Musk giving away Bitcoin and Ethereum. 

In the viral clip, Musk appears to say, "Today, I have a surprise for you. Our marketing department here at X (Twitter) HQ has come up with an exciting idea to hold a special giveaway event for all the crypto fans out there. I'm giving away 5,000 Bitcoin and 100,000 Ethereum." He adds that to participate, instructions at Elon-crypto.org should be followed. The clip shows Musk giving away a check for one million dollars. A ticker at the bottom of the video reads "Tesla News," along with the text version of Musk's supposed announcement.

Several social media users have shared the video on X; archived versions of such posts can be accessed here, here, and here.

Screenshots of the social media posts. (Source: X/Modified by Logically Facts)

However, the claim is false. A video of Musk speaking at a town hall in Pennsylvania was digitally altered to create the viral deepfake and circulated to promote a get-rich-quick scheme.

Did Musk really promise cryptocurrency?

The video has two parts—one where Musk seemingly discusses giving away cryptocurrency and another showing him presenting a cheque to a woman on stage.

Following a reverse image search on the keyframes of the first section of the viral video, we found that it had been digitally altered to create the viral clip. The original video is from a town hall held by America PAC, a political action group set up by Musk to back Donald Trump, in Harrisburg, Pennsylvania, on October 20. CBS21 News live-streamed the event on YouTube (archived here). 

We confirmed that the viral clip originated from this event by comparing Musk's attire, the U.S. flag in the background, and the overall framing. At the town hall event, Musk spoke about a plan to invest in the state, the right to free speech, and the right to bear arms. He also announced a petition that he was encouraging individuals to sign, supporting the First and Second Amendments, announcing that every day until the election, a random signee would win $1 million.

Comparison between the viral video and the original video. (Source: X/CBS21 News/Modified by Logically Facts)

The viral clip has been taken from between the 55:32-minute to 55:54-minute time frame of the one-hour-long video. In the original video, answering a question about college education costs, Musk said, "I also think that the value of a college education is somewhat overweighted, you know. And I think too many people actually spend four years, accumulate a ton of debt, and then don't often don't have useful skills that they can apply afterwards. And I think I have a lot of respect for people work with their hands and…" 

His statement in this part of the town hall video was altered using deepfake technology to falsely claim that he is giving away cryptocurrency. We also noted that his lip movements have been altered, it does not completely match the audio. While the audio has been cloned to make it seem similar to Musk's voice, there are some odd pauses, and the manner of speech does not match Musk's.

 

What about the second clip?

A reverse image search showed that the second clip was taken from another town hall held in Pennsylvania by Musk on October 27, which was live-streamed on the Sky News YouTube channel (archived here). 

At the 50:38 mark, Musk is seen presenting a one-million-dollar check to a registered voter named Judey Kamora. This was part of his pledge to give away one million dollars daily until Election Day on November 5 to individuals who signed his online petition. The petition reads, "The First and Second Amendments guarantee freedom of speech and the right to bear arms. By signing below, I am pledging my support for the First and Second Amendments."

Comparison between the viral video and the original video. (Source: X/CBS21 News/Modified by Logically Facts)

Musk's giveaway has also sparked controversy. A voter in Arizona sued him for fraud, and Philadelphia District Attorney Larry Krasner filed to block it in Pennsylvania, calling it an illegal lottery with unclear rules and seeking financial penalties. However, a Pennsylvania judge allowed the giveaway to proceed.

What about the website mentioned in the video?

In the deepfake video, Musk states that users need to visit a website to participate in the crypto giveaway. Upon visiting the site, we found that it resembles a Medium page. However, while the layout looks like Medium, the URL is different, and it doesn't have the features usually seen in Medium publications. The page appears to be presenting itself as a Medium blog written by Musk to defraud users. 

Screenshot of the fraudulent website. (Source: Google/Screenshot)

The site instructs users to send a small amount of cryptocurrency in exchange for a larger return. For instance, users are asked to send 0.05 bitcoins with the promise of receiving two bitcoins in return and one ethereum to get 80 ethereum. 

Earlier, similar scams were reported in which users were invited to participate in various investment projects supposedly linked to Elon Musk. The goal was to invest a small amount of money with promises of substantial returns, similar to what is claimed in the viral posts. According to a BBC report, a similar scam used a deepfake video to claim that Musk was giving away cryptocurrency, resulting in one person losing £407,000. 

We did not find any reports or official announcements of Musk or X beginning a scheme to give away cryptocurrency, either generally or for election-related purposes.

The verdict

The viral video claiming that Musk is giving away cryptocurrencies is a deepfake. Footage from a town hall held by Musk has been digitally altered.