Veteran investor Ross Gerber revealed on Sunday that his X account was hacked by “sophisticated” cryptocurrency scammers to promote a coin linked to automotive giant Tesla.
What Happened: Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, thanked the X team, especially CEO Linda Yaccarino, for the quick resolution. Gerber told Benzinga by mail that the account recovery took 30 minutes.
“Considering it was a Tesla crypto scam coin, I was specifically targeted in this attack,” Gerber disclosed. He clarified that he doesn’t promote cryptocurrencies other than Bitcoin to his clients.
Gerber, an early investor in the Elon Musk-led giant, has significantly reduced his fund’s stake in the company since November and set a six-month ultimatum for Tesla to improve its performance before potentially exiting the stock entirely.
“It’s possible it was an inside job at X; not sure if they’re investigating it,” Gerber said, voicing doubts about the social media behemoth, which is also controlled by Musk.
X didn’t immediately return Benzinga’s request for comment.
See Also: Elon Musk’s DOGE Department Reportedly Eyes Blockchain To Slash Federal Spending—Justin Sun Says Tron A Good Option
Why It Matters: Gerber’s hacking incident comes a month after a warning by himself on such possibilities.
Gerber alarmed investors about the potential for fraud in the crypto market in December, especially with coins other than Bitcoin (CRYPTO: BTC). He noted that the appointment of crypto-friendly individuals in the Donald Trump administration wouldn’t necessarily protect retail investors from scams.
Gerber’s incident follows a recent case where Ivanka Trump publicly rejected a fake cryptocurrency being promoted under her name.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
