A sophisticated investment scam, dubbed the “Elon Musk Golden Badges” scheme, is preying on individuals with false promises of astronomical returns and fake endorsements from high-profile figures.

Victims are lured into purchasing “golden badges,” marketed as rare collectible coins, claiming that an initial $290 investment could yield $2 million. Fraudsters falsely attribute endorsements to Tesla CEO Elon Musk and Bank of America CEO Brian Moynihan to lend credibility to the scam.

The operation relies heavily on Telegram, where scammers impersonate public figures like Donald Trump and his family to spread promotional messages. These posts often use patriotic appeals and create a false sense of urgency to pressure victims into acting quickly. The messaging is inconsistent, sometimes advertising “Trump Coins” or “Golden Eagles” instead of “Elon Musk Golden Badges”.

A professional-looking website is the scam’s hub, mimicking legitimate e-commerce platforms. While the site prominently displays fake endorsements, it buries disclaimers stating it is not affiliated with Elon Musk or any related entities. These disclaimers claim the badges are novelty items with no monetary value, yet the site and Telegram messages contradict this by promising massive returns.

The website also features a “secure checkout” page and a purported “60-day money-back guarantee,” though vague terms and conditions allow the scammers to easily deny refunds.

The terms of service further protect the fraudsters by limiting liability and requiring arbitration, making it difficult for victims to pursue legal action. These tactics are part of a long-running strategy employed in previous scams promoting items like “Trump Coin” and “Trump Golden Sticker,” all using fake endorsements and high-pressure sales to exploit trending topics and prominent figures.

Victims risk significant financial loss and potential theft of personal data. This is just one more example of the growing trend in fraud operations leveraging advanced technologies, including AI and deepfakes, to create convincing false narratives. Experts warn the public to remain skeptical of unsolicited investment opportunities promising unrealistic returns and to verify claims through trusted sources.