We usually see fake crypto giveaway scams on X (Twitter,) YouTube, and Instagram. Now scammers promote crypto giveaway scams on TikTok heavily. Criminal actors draw the potential victims' attention by showing celebrities' videos. When you get something for free by participating in crypto giveaways, you think that's good and it will not hurt you in any way.
BleepingComputer revealed about fake Elon Musk crypto giveaway scams on TikTok and how people fall into a trap. You see a video interviewing Elon Musk on Fox News. You will notice crypto giveaways and there is a promo code to claim free crypto.
You need to visit the website and follow a process to get crypto for free. When you land on their site, it will ask you to sign up first using the promo code that shows on the TikTok video. Signing up on the site using the promo code, you will get a notification of receiving BTC on your account.
BleepingComputer did an experiment and tested the website. They received 0.34 BTC for free that is worth more than $9,000. You will be happy to see BTC on the website account. You think it's done. So you can withdraw BTC from that site, right?
Wait, you need to activate your account in order to withdraw BTC. In the activation process, you have to deposit 0.005 BTC which is worth almost $135. It sounds reasonable, right? You will get more than $9,000 worth of BTC just by depositing 0.005 BTC first.
You also have to do KYC to complete this process. What you see here, Crypto giveaways, the website you sign up for participating in crypto giveaways, and the BTC that is deposited in your account are fake. You will not get anything but you will lose the BTC if you deposit that to their address.
And if you do KYC, you just hand over your personal sensitive information to scammers. Scammers can sell your information on the dark web marketplace. Criminal actors can use your sensitive information against you to get access to your account and hurt you financially.
Scammers use high-profile individuals' fake videos like Elon Musk to promote crypto giveaway scams. You can get airdrops in crypto. But most crypto giveaways you see on social media are nothing but a trap to steal your money and crypto assets.
Are you wondering why so many scams are on different social media platforms? Maybe many people still fall for their scams. So scammers keep doing it over and over. If we are aware of this and avoid falling into their trap, scammers cannot get our crypto. Let's be aware of crypto scams and stay safe.
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Reference: 1.
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