TikTok is currently dealing with a significant problem where numerous fraudulent cryptocurrency giveaways are being shared on the platform. These scams mostly revolve around the themes of Elon Musk, Tesla, or SpaceX.
For quite some time, malicious individuals have been using social media platforms like Instagram and Twitter to carry out fake cryptocurrency giveaways.
These scams typically involve impersonating celebrities, cryptocurrency exchanges, and most frequently, pretending to be Elon Musk or SpaceX.
Many videos online feature websites with names that are quite similar, like bitoxies[.]com, moonexio[.]com, altgetxio[.]com, and cratopex[.]com.
In these videos, viewers are encouraged to participate in a giveaway. To do so, they need to create an account and input a special promo code that’s shared in the TikTok video. Once they’ve entered this code, the website will make it seem like they’ve added Bitcoin to the user’s digital wallet.
In an attempt to withdraw free bitcoins, users must first activate their account by depositing .005 Bitcoins, approximately $132. As users will never receive any bitcoins from the site, the scammers generate their revenue by taking these “activation” deposits.
These scams are increasing so commonly nowadays and can be quite harmful. Scammers will ask you for personal information, like your identity verification details (KYC), which they can then use to try and break into your legitimate cryptocurrency accounts.
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