Scammers Are Promoting Cryptocurrency Giveaways Under The Guise of Elon Musk All Over TikTok

False giveaways for cryptocurrency have swarmed TikTok under videos related to SpaceX, Tesla and Elon Musk. Cybercriminals have been doing this for years, making fake giveaways on cryptocurrency on Twitter and Instagram. The scammers impersonated well-known celebrities, giving out these giveaways. SpaceX and Elon Musk are the most common targets of these threat actors.

The fraudsters established several websites that feign giveaway platforms and cryptocurrency exchanges, urging users to create an account if they wish to acquire free digital currency. But predictably, these fraudulent schemes merely rob any crypto deposits, leaving innocent users empty-handed.

Many have fallen victim to these threat actors’ elaborate schemes, failing to realize those scams, making them highly successful. These cybercriminals have made over a million dollars in digital currency from users who were tricked and never once suspected the giveaways they saw on social media.

As TikTok has gained incredible success in terms of viewership in recent years, these fraudsters have swarmed the platform with their fraudulent giveaways on cryptocurrency. They post deep fake videos of Elon Musk in a made-up Fox News interview or any other news channel. They upload these videos on an hourly basis to boost the viewership of their fraudulent giveaway on cryptocurrency.

Some videos are less professional as they simply guide users on signing up for a specified website and entering a promotional code to receive free Bitcoin. Nearly all of the videos uploaded are impersonated as an official platform for cryptocurrency investment, meaning they all use the same template. Almost all videos utilize domains that appear nearly the same, such as altgetxio[.]com, bitoxies[.]com, cratopex[.]com, and moonexio[.]com. The way it works is they urge users to create a new account and key in the promo code mentioned in the fraudulent video on TikTok. After users enter the code, the website will give a false notification, alerting them as if they have actually deposited Bitcoin in the user’s wallet.

If users wish to withdraw their free earned Bitcoin, their account would require an activation by depositing 0.005 Bitcoins, which is approximately $132. These scammers make money by luring users to activate their accounts that never received actual bitcoins and robbing their activation deposits.

Users also risk losing their confidential information, such as KYC information, which cybercriminals can use to access user’s legitimate accounts with cryptocurrency. These fraudulent videos have enabled scammers to gain colossal revenue, making it difficult to see them stop anytime soon. It appears that these videos will keep popping up from time to time, swarming every corner of social media platforms.

FTC published a report where they warned that cryptocurrency investment scams stole $80 million since October 2020. Better Business Bureau also warned about the prevalence of those scams on TikTok just last week. It has become increasingly important for users to be vigilant and recognize cryptocurrency giveaway videos and websites as scams, specifically those impersonating SpaceX, Gemini, Elon Musk, Tesla, Art Invest, and other well-known celebrities that people are inclined to trust.

H/T: Bleepingcomputer

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