TikTok is currently grappling with a surge in fake cryptocurrency giveaway scams, with many of them impersonating figures like Elon Musk, Tesla, or SpaceX, according to a recent report by Bleeping Computer. These scams typically involve tricking users into creating accounts on fraudulent cryptocurrency exchange websites, where they are asked to deposit a small amount of cryptocurrency to activate their accounts. However, instead of activating their accounts, scammers steal these initial deposits and often gather users’ KYC (know-your-customer) information for potential further exploitation. Despite their transparent nature, these scams have managed to defraud millions of dollars from unsuspecting social media users.
Additionally, cybersecurity firm Norton recently warned TikTok users about a more sophisticated cryptocurrency scam that employs AI-generated deepfake videos featuring celebrities like Elon Musk and Mr. Beast to promote fake cryptocurrency giveaways. This scam entices users with the promise of $8,000 in Bitcoin in exchange for simple registration on a separate website.
Meanwhile, Elon Musk has been criticized for the proliferation of cryptocurrency-related scams on the social media platform X (formerly Twitter), despite his claims of eliminating 90% of fraudulent activity. Users and cryptocurrency influencers continue to question the platform’s effectiveness in combatting such scams.