The Instagram handle using Elon Musk’s name is being sold off in a Telegram account trading group for thousands of dollars, leading to fears that it could be used to promote a sketchy memecoin. X user @henn100x first noticed the @elonmusk account sale yesterday and warned users not to “fall for any larp coins the next owner of the account might endorse.” Telegram users are currently bidding for the account in the “Tekk” username selling group. The highest bidder offered $6,000 to buy the account on Friday. The Instagram handle has changed its username eight times and currently has the name “Tekk” in its bio. Read more: Hacked X and Insta accounts used for Pump Fun rug pulls Other handles that are being bid on include @transformers, @terrorists, and @cocaines. Scammers often take control of prominent accounts to promote shady cryptocurrencies or phishing links to unsuspecting users. Millions of dollars worth of crypto were stolen last year after various X and Instagram accounts, including the likes of McDonald’s, Usher, and Wiz Khalifa, were hacked. In Musk’s case, there have been plenty of crypto-based scams set up to capitalize on his name and social media handles. Musk hasn’t had an Instagram account for seven years and deleted his account back in 2018. He claimed not to like the platform and tweeted, “Instagram is so thirsty, yet gives you Death by Water.”