On Saturday, 25 January 2025, a video surfaced on Instagram, featuring what appeared to be Elon Musk and Tucker Carlson in a sit-down interview.
In the video, Musk allegedly announces the launch of Xistrade.com, a cryptocurrency trading platform, claiming that anyone who signs up using the promo code GRANTX will receive 0.31 BTC (approximately US$31,754 or R580,000) for free.
The video has been widely shared on social media, and Google Trends data shows a spike in interest for “Xistrade” in countries such as South Africa, Puerto Rico, Lebanon, Pakistan, Australia, Portugal, Germany, the UAE, and India.
However, upon closer inspection, it becomes clear that the entire story is a fabrication. The video is AI-generated, and Xistrade.com is a textbook scam, using fake endorsements, misleading promises, and a classic deposit-before-withdrawal tactic.
The AI-Generated Video and Fake Endorsements
The video purports to show Elon Musk discussing his new cryptocurrency initiative in an interview with Tucker Carlson. Musk is falsely made to say:
“I launched a cryptocurrency initiative through Xistrade.com. Anyone who signs up using promo code ‘Grant X’ receives 0.31 BTC as a token of trust and a brighter tomorrow.”
Carlson, in turn, is scripted to respond:
“Wow Elon, that is truly impressive. Your dedication to innovation and your commitment to empowering people to be part of the future deserve immense respect. I am confident that your cryptocurrency initiative will bring significant changes and open up opportunities for many.”
While the video may appear convincing to the casual viewer, several glaring issues reveal its fraudulent nature:
- The footage of Musk was taken from a real interview at Mar-a-Lago in late 2024, following Donald Trump’s re-election victory.
- The Fox News chyron was lifted from a separate interview between Musk and Carlson in 2023, which aired when Carlson was still at Fox News.
- The voices in the video are AI-generated—unnatural and lacking the real cadence of Musk and Carlson’s speech.
- The lip movements do not synchronise with the audio, a common issue in deepfake videos.
Additionally, a still from the video is used in what appears to be a fake Fox News article, further lending false credibility to the scam.
Xistrade.com – A Dodgy Platform with Red Flags
A simple investigation into the Xistrade.com website raises numerous concerns.
A WHOIS lookup reveals that the domain was registered on 18 January 2025, just a week before the scam started circulating.
- The domain is registered in Kuala Lumpur, Malaysia, through WebNIC, a Singapore-based registrar that has garnered a 2.8-star rating on Trustpilot, with many users alleging it is commonly used by fraudulent websites.
- The website itself looks like a generic white-label crypto trading platform, often used in similar scams.
- The footer contains fake certifications, including:
- ISO 27001 Certified
- SOC 2 Certified
- CCSS Level 3 (CryptoCurrency Security Standard)
- PCI DSS Compliant
The website code reveals the use of Tailwind CSS, suggesting it was quickly assembled using a pre-made template.
Xistrade is Neither a Registered Company nor Financial Service Provider in South Africa
Despite its claims of legitimacy, Xistrade.com is not registered in South Africa.
A search with the Companies and Intellectual Property Commission (CIPC) shows no record of a company named Xistrade.
Additionally, a verification with the Financial Sector Conduct Authority (FSCA) confirms that Xistrade is not a registered Financial Service Provider (FSP). This means the platform is operating illegally and has no authorisation to offer cryptocurrency services in the country.
The Deposit Trap – How the Scam Works
The Xistrade platform follows a well-known scam strategy:
- Users are promised 0.31 BTC (approximately US$31,754 or R580,000) upon signing up.
- The amount appears in their online account, but they are unable to withdraw it.
- When users attempt to withdraw, they receive a “withdrawal error” message, demanding a deposit to “activate” their account.
The error message states:
“Withdrawal error
You need to activate your account to make this withdrawal method available. To activate the account, make a minimum deposit of 0.0025 BTC (approximately US$256 or R4,700) via the Deposit Tab or Buy Crypto page. The deposit can also be withdrawn after Account Activation. Contact support chat or create a ticket for further assistance.”
This is a classic deposit scam. Once victims deposit funds, they:
- Receive further excuses demanding additional payments.
- Lose access to their accounts entirely.
- Never receive the promised Bitcoin.
The Final Verdict
Xistrade.com is not the legitimate cryptocurrency platform it claims to be.
Instead, it is a carefully crafted scam, using AI-generated videos and fake endorsements to lure victims into depositing money they will never get back.
Key findings include:
- The video is a deepfake, with stolen footage of Musk and Carlson manipulated by AI.
- Xistrade.com was registered just days before the scam began.
- The website uses generic templates, fake certifications, and follows a well-documented deposit scam strategy.
- In South Africa, Xistrade is neither registered as a company nor licensed as a Financial Service Provider (FSP).
This scam demonstrates how AI technology is increasingly being used to add credibility to fraudulent schemes.
If you encounter Xistrade.com, do not sign up, deposit money, or share your personal information. Stay vigilant and always verify financial offers through reputable regulators like the FSCA.
Protect yourself. Avoid scams. Stay informed.
