In this review we explain that the TeslaCoin (TES) is not a real cryptocurrency from Elon Musk, it is a fraud that you have to avoid.
What is TeslaCoin
Tesla Coin is presented as a digital currency that was created by Elon Musk and Tesla. The cryptocurrency is allegedly meant to help ordinary people to make money.
An article in the Mirror claims that TeslaCoin, according to Musk, can “transform anyone into a millionaire within 3 – 4 months.”
People who are interested in it are asked to deposit at least 250 USD into the platform and an automated trading algorithm allegedly will take care of the rest.
Elon Musk is quoted as saying: “Our newest platform, TeslaCoin, will help people get richer FAST, instead of working for every penny, we make the money work FOR YOU!”
The project supposedly is backed not only by Musk, but also by other billionaires like Richard Branson, Jeff Bezos and Bill Gates.
The TeslaCoin project is initially available to people in Canada, United States, United Kingdom and Australia.
But can you trust that article, is TeslaCoin legit?
Tesla Coin is a scam
Unfortunately, TeslaCoin is a scam. It was not created by Tesla, it is not backed by Musk, Branson, Bezos, Gates or any other billionaire. It is run by fraudsters who want to steal your money.
In this review we go through all the details and proofs.
Fake Mirror article
The way we found about Tesla Coin, was an article that looks like it was published in The Mirror. It tells the story of Tesla Coin, it says how it works and what you have to do to start using it. It even features an interview with Elon Musk.
The problem is that the article is completely fake. The only real address of The Mirror is mirror.co.uk. And if you look in the address bar of your internet browser when reading the article about Tesla Coin, you will see something else, it won’t be the official URL of The Mirror.
That way you can see that the article is fake and that it was not published by the real Mirror.
Also, beware of other fake articles mimicking other media. Fraudsters tend to publish several versions of their fake article abusing different famous brands in the world of media.
One thing is for sure, no positive article about Tesla Coin is real, because the whole project is a total scam.
The core of the TeslaCoin scam is a digital token (cryptocurrency) TES that does not even exist. You can search for Tesla Coin on coinmarketcap.com, coingecko.com or any other crypto monitoring service, and you will see that the TES coin is not traded anywhere.
That cryptocurrency simply does not exist. This is because Tesla and Musk have not created any cryptocurrency.
Yes, Elon Musk and Tesla trade cryptocurrencies, but only the established ones like Bitcoin or Dogecoin. They did not issue their own token, that’s a fact.
So any offer that is selling or otherwise promoting investment in a digital currency from Tesla or Musk, is a scam.
Elon Musk’s name is getting abused by scammers very often, just look at all the projects we have already reviewed.
How the fraud works
There is a red flag in the TeslaCoin offer that you may have spotted. They say that it is a digital currency that will make you money, but on the other hand they also say they have a trading algorithm that will trade for you and generate profits.
So which is it? Scammers got ahead of themselves and revealed how their fraudulent project works.
The most basic mechanism that these fraudulent platforms like Tesla Coin use is that they promise you whatever you want to hear, and then they send you to an unregulated broker where you will have to deposit money. And everything you deposit will go straight to their pockets.
You will probably lend on a platform that won’t even pretend that the TES coin exists, it will trade with other cryptocurrencies. They even might show you some fake profits to convince you to deposit more money.
But when you ask for a withdrawal, it’s the moment things will start to go south and you will realize that something is wrong. You will hear all sorts of excuses why they can’t send you your money.
They might even ask you to pay big fees or fake taxes in advance. They won’t be willing to deduct those fees and taxes from your earnings, you will have to pay with your own cash. Don’t do it, because everything will get lost the same way as your first deposit.
TeslaCoin won’t let you withdraw anything, they will just keep asking for more money from you.
They might also create a digital token they will call TeslaCoin, but it will be created by scammers, not by Tesla or Musk.
Then they will set a price for the token and ask you to pay it. If you buy it, you will receive a worthless token (probable ERC20 in Ethereum or BEP20 in the Binance Smart Chain). That token won’t be traded anywhere and you won’t be able to sell it for real money.
This is why you have to stay away from TeslaCoin, it is a scam that was designed to make you send as much money as possible to fraudsters who will never give you anything back.
Tesla Coin review – Conclusion
TeslaCoin is a fake cryptocurrency created by scammers, it has nothing in common with Tesla, Elon Musk or any other billionaire.
The whole project is a fairy tale with the purpose of convincing you to send money to fraudsters who will keep it and never earn you anything. You have to stay away from it.
Tesla and Musk have not created any digital currency. Every cryptocurrency pretending to be associated to them is a scam that you have to avoid.