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.
My account was hacked yesterday by very sophisticated crypto scammers. Sorry for any confusion caused by this hack. Twitter/X responded rapidly and was very helpful. Special thanks to @lindayaX for being the best.
— Ross Gerber (@GerberKawasaki) January 26, 2025
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 BTC/USD. 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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