TikTok is flooded with fake cryptocurrency giveaways posted to the video-sharing platform, with most of these videos masquerading as content related to Elon Musk, Tesla, or SpaceX.
TikTok is flooded with fake cryptocurrency giveaways posted to the video-sharing platform, with most of these videos masquerading as content related to Elon Musk, Tesla, or SpaceX.
According to the report, malicious videos contain a deep fake interview with Elon Musk for Fox News, promoting a fake crypto giveaway. Some videos show how to log in to a listed website and enter a promo code to receive free Bitcoin.
For years, attackers have created fake cryptocurrency giveaways on social media platforms like Instagram and Twitter. These scams pretend to be giveaways from celebrities, cryptocurrency exchanges, and, more commonly, impersonating Elon Musk or SpaceX.
Threat actors created hundreds of websites that pretend to be crypto exchanges or giveaway sites that prompt users to register an account to receive free cryptocurrency. However, as expected, it steals any deposited crypto, with the users receiving nothing in return.
The majority of scam videos use similar website domains such as bitoxies[.]com, moonexio[.]com, altgetxio[.]com, cratopex[.]com. Also, all utilize the same template, posing as a cryptocurrency investment platform.
To participate in the giveaway, users should register an account and enter a promo code shared on TikTok. The site will pretend to deposit Bitcoin into the user's wallet by entering the code.
Scammers require victims to activate their accounts first by depositing 0.005 Bitcoins worth approximately $132 to withdraw the crypto. Moreover, they also prompt users to enter KYC information to process the withdrawal. Once scammers get what they want, they cut all ties.
The social media platforms will continue to be flooded with these fake giveaways, as these have the potential to generate a large amount of revenue for threat actors. These scams have gotten so profitable that the FTC released a report warning that $80 million has been lost to cryptocurrency investment scams since October 2020. More recently, the Better Business Bureau issued a warning last week about cryptocurrency scams on TikTok.
Hence, it is crucial to acknowledge that nearly every cryptocurrency giveaway platform is a scam, particularly those claiming to be from Elon Musk, Tesla, SpaceX, Ark Invest, Gemini, and renowned individuals or exchanges, offering massive returns.
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