Fake Elon Musk promises to give away free Bitcoin on TikTok

While Twitter is already flooded with cryptocurrency scams, the TikTok is another social network that is becoming a haven for scammers. The new trend is ‘deep fake’ videos, impersonating billionaire Elon Musk and promising Bitcoin donations.

Although this technique is not that new, scammers are perfecting their traps, having already experienced a strong surge in May 2022.

Scams featuring Elon Musk's image are invading TikTok.  Source: BleepingComputer.
Scams featuring Elon Musk’s image are invading TikTok. Source: BleepingComputer.

In the new version of the scam, the most naive victims are sent to a third-party website with the promise of receiving a fraction of bitcoin.

Cryptocurrencies even appear credited on fake platforms after entering a promotional code, but the user must make a smaller deposit to redeem them. In other words, the scammers keep the deposit money and never release the promised amount.

Elon Musk’s Deep Fakes Invade TikTok, Promoting Cryptocurrency Scams

In cold analysis, it is difficult to believe that someone would find themselves in a situation deeply fake, mainly due to the low quality of the videos. However, data from 2021 shows that scammers have profited more than R$10 million from even simpler scams linked to the figure of Elon Musk.

If the tactic already worked, the scammers wouldn’t stop using it, but rather improve it.

BleepingComputer, a famous technology website, had the courage to visit the websites advertised by criminals to understand the whole process. According to the information, they all look like cryptocurrency brokers.

Site similar to a cryptocurrency broker used by scammers in Elon Musk's deep fake scam.  Source: BleepingComputer.
Site similar to a cryptocurrency broker used by scammers in Elon Musk’s deep fake scam. Source: BleepingComputer.

When registering on the site, victims can enter the promotional code found in TikTok videos. In the example in question, the website indicates that the code has been successfully redeemed, entitling you to 0.34 BTC (R$45,000).

“The promotional code for 0.34 BTC has been successfully activated”points to the scam page.

Scam trial involving the figure of Elon Musk.  Source: BleepingComputer.
Scam trial involving the figure of Elon Musk. Source: BleepingComputer.

However, when victims try to recover this amount, equivalent to 34 minimum wages in Brazil, they encounter a barrier. Scammers ask users to send a small portion of bitcoin to unlock it.

“To withdraw money to an address, you must activate your account. To activate the account, you must make a minimum deposit of 0.005 BTC (R$665).”points to the scammers’ website. “The deposit can also be withdrawn after account activation.”

Scammers ask victims to send a small portion of Bitcoin to unlock the big prize.  Source: BleepingComputer.
Scammers ask victims to send a small portion of Bitcoin to unlock the big prize. Source: BleepingComputer.

After the deposit is made, the scammers will obviously keep that amount, contrary to what is stated on the previous screen.

Moving on, Bleeping Computer highlights that the fake website also asks the user to verify their identity through a process known as KYC.

Naturally, this does not release the promised amount, on the contrary. Now scammers will use such information for other purposes as well. For example, they may sell your information or use it to access other services.

Finally, the problem is not unique to TikTok. A fake livestream on YouTube has already stolen R$700,000 worth of Bitcoin from those who thought they were getting free cryptocurrencies. Twitter, Elon Musk’s social network, seems to have more scammer robots than real people.

As a recommendation, believe everything is a scam and avoid your hard-earned cryptocurrencies falling into the hands of scammers.

Source: Live Coins

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