Bitcoin

Beast

Elon Musk

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<p>According to <a href="https://www.bleepingcomputer.com/news/security/tiktok-flooded-by-elon-musk-cryptocurrency-giveaway-scams/" rel="noopener noreferrer nofollow">a recent report</a> by Bleeping Computer, TikTok has become a hotbed for fake cryptocurrency giveaway scams, many of which impersonate Elon Musk, Tesla, or SpaceX.&nbsp;</p> 
<p>These scams trick users into registering accounts on fraudulent crypto exchange sites, asking them to deposit a small amount of crypto, which is supposed to activate their accounts. The scammers then steal these "activation" deposits, often also collecting users' KYC (know-your-customer) information for potential further exploitation.&nbsp;</p> 
<p>Despite their transparent nature, these <a href="https://u.today/top-10-crypto-scams-and-hacks-of-2022" rel="noopener noreferrer nofollow">scams</a> have proven effective, stealing millions of dollars from unwitting social media users.</p> 
<h2 id="norton-s-warning">Norton's warning</h2> 
<p>There are also more sophisticated cryptocurrency scams. Earlier this month, cybersecurity firm Norton alerted <a href="https://u.today/tiktok-challenger-chingari-to-organize-gari-ido-on-solrazr-details" rel="noopener noreferrer nofollow">TikTok</a> users about a sophisticated scam that uses AI-generated deepfake videos of celebrities like Elon Musk and Mr Beast to promote fake cryptocurrency giveaways. The scam lures users with the promise of $8,000 in <a href="https://u.today/bitcoin-btc-surges-to-30000-but-theres-a-catch" rel="noopener noreferrer nofollow">Bitcoin</a> in return for simple registration on a separate website.</p> 
<h2 id="musk-s-scam-bot-problem">Musk's scam bot problem&nbsp;</h2> 
<p>In the meantime, Musk <a href="https://u.today/elon-musk-under-fire-for-allowing-xrp-scam-posts-to-proliferate" rel="noopener noreferrer nofollow">is facing criticism</a> for the proliferation of cryptocurrency-related scams on social media platform X, formerly known as Twitter. This is despite his claims of having eradicated 90% of fraudulent activity. Users and crypto influencers keep criticizing the platform's effectiveness in controlling scams.</p>

TikTok Battling Influx of Elon Musk Crypto Scams

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