Cryptocurrency Scams Thrive on TikTok: Elon Musk Impersonations Lead to Millions in Losses
Crypto News – A recent report by Bleeping Computer highlights the alarming rise of fake cryptocurrency giveaway scams on the popular social media platform TikTok. These scams frequently involve impersonating notable figures like Elon Musk, Tesla, or SpaceX. The deceitful tactics employed by scammers involve persuading users to create accounts on counterfeit cryptocurrency exchange websites. They are then instructed to deposit a nominal sum of cryptocurrency to supposedly activate their accounts. Sadly, these so-called “activation” deposits are promptly stolen by the scammers. Additionally, the scammers often gather users’ KYC (know-your-customer) details, potentially paving the way for further exploitation.
Despite the evident nature of these scams, they have proven distressingly effective, resulting in the loss of millions of dollars for unsuspecting individuals on social media.
Norton’s cybersecurity firm has also issued a warning regarding more sophisticated cryptocurrency scams. Recently, Norton alerted TikTok users to a highly sophisticated scam leveraging AI-generated deepfake videos featuring celebrities such as Elon Musk and Mr. Beast. These fabricated videos are used to promote fake cryptocurrency giveaways, enticing users with the false promise of $8,000 in Bitcoin in exchange for a simple registration on a separate website.
Meanwhile, Elon Musk is facing criticism due to the surge in cryptocurrency-related scams on X, the platform formerly known as Twitter. This is in spite of Musk’s claims of successfully eliminating 90% of fraudulent activities. Users and cryptocurrency influencers continue to voice their concerns about the platform’s ability to effectively combat these scams.
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