TeslaCoin (TES)

What is TeslaCoin (TES)?

The name TeslaCoin is being used by more than one cryptocurrency token project, as well as a trading platform and an investment scam, to take advantage of Tesla’s chief executive officer (CEO) Elon Musk’s support for crypto.

Tesla accepted Bitcoin (BTC) for purchases of its electric vehicles from February-May 2021 but does not have its own cryptocurrency and is not associated with a TeslaCoin project.

TeslaCoin (TES) is a cryptocurrency that allows users to mine TES and has a current supply of 79.15 million as of 20 December 2023.

At the time of writing, the TES price was quoted around $0.00235897. However, the URL for the TeslaCoin website was broken.

CoinMarketCap data also showed a TeslaCoin on the PancakeSwap decentralized exchange (DEX) on the BNB Chain priced around $0.000007695 based on on-chain data.

TeslaCoin: an AI-Based Crypto Trading Platform

TeslaCoin is also the name of an artificial intelligence (AI)-based cryptocurrency trading platform launched in 2023. The web-based platform provides an AI trading bot that supports some of the best cryptocurrencies out there, like Bitcoin, Ether (ETH), Ripple (XRP), Cardano (ADA), and Litecoin (LTC).

The anonymous development team established the platform in 2020 and created an automated trading system using its Evex Pro 3.0 trading bot that operates 24/7, analyzing large volumes of data in real-time to identify profitable opportunities and execute trades, according to the project’s website.

Users are required to deposit a minimum of $250 to their account to begin. The platform offers limited information about how its algorithms work and the safety of users’ funds.

TeslaCoin Scams

Two scams linked to TeslaCoin have gained significant attention. Let’s explore the specifics and understand how these scams unfolded.

TeslaCoin Scam via Facebook & Email Ads

Cybersecurity firm Avast identified a TeslaCoin scam circulating via Facebook ads and email in August 2022 that encouraged victims to pay $250 to create an account and invest in a fraudulent crypto-investing platform.

“The Facebook ads used in this threat redirect potential victims to a site designed to look like a local news site, depending on where the victim is accessing the site from,” Avast’s alert stated.

“At the bottom of the page is a web form requesting site visitors to enter their name, email address, and phone number in order to register for the platform. The victim receives an email from a bot sparking a conversation in the victim’s language.”

The bot sent a link to a payment gateway and prompted the victim to transfer $250 to activate their trading account or to log in to a cryptocurrency broker page and make a $250 initial investment.

Some victims received emails directly that promised them a return of $600 from an initial deposit of $100. “A PDF is attached to the emails, with messages either promoting Elon Musk’s fake investment platform or including an invite to an unspecified “community” that includes a photo of Melinda and Bill Gates on the advertisement. These PDFs link to the news sites described above,” Avast stated.

Fake Tesla Coin Presale Scam

Another Tesla token scam operates through websites promoting a Tesla coin presale. Scammers have created websites using the official Tesla logo and other imagery suggesting the token is endorsed by the company or Elon Musk personally.

Links to the sites are circulated on social media platforms using ads and fake accounts. These sites claim that Tesla is holding a limited presale for its own crypto token and features countdown timers showing limited time remaining. The layout is designed to encourage FOMO and entice victims to act fast to make large profits.

Victims are directed to transfer payment in BTC, ETH, or Tether (USDT) to a wallet address that the scammers control. They do not receive any Tesla tokens once the presale time is up and have no way to recover the funds.

To identify and avoid cryptocurrency scams, users and investors should stay informed about the latest tactics, be skeptical of social media posts promoting offers that appear too good to be true, and exercise caution, especially when receiving unsolicited offers.

You should always do your own research (DYOR) before transferring funds to a crypto platform or making a purchase.

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