The CEO of Tesla Motors suggested that Twitter decided to act on its suspicions after he sent out a tweet about Bitcoin.
He wrote: "Wanna buy some Bitcoin? (sic)"
But perhaps the problem centred around the fact that a number of fake accounts have previously used Musk's image as a means of promoting different types of crypto-currency.
Responding to the speculation about Musk's account, Twitter insisted: "For privacy and security reasons, we don't comment on individual accounts."
Earlier this year, meanwhile, American billionaire Bill Gates claimed that crypto-currencies are killing people in a "fairly direct way".
The Microsoft founder - who has turned his attention towards philanthropic work over recent years - made the statement in reference to the way digital currencies, like Bitcoin, are being used to buy potentially harmful drugs.
During an 'ask me anything' session on Reddit, Gates was asked about the impact of crypto-currencies, and he said: "The main feature of crypto-currencies is their anonymity.
"I don't think this is a good thing. The government's ability to find money laundering and tax evasion and terrorist funding is a good thing."