TikTok flooded by ‘Elon Musk’ cryptocurrency giveaway scams

Of course, the tiny detail that is left out of the movie is that the user must pay a small fee to activate their account before they can withdraw money. But in actuality, there is no way to pay the user out in such a situation. These frauds are sophisticated traps that rob victims of their money and leave them with nothing. Additionally, there is always the possibility of being betrayed. Even though this plan is fairly ancient, it is nevertheless incredibly powerful—old but gold, as the expression goes.

The spoof of Elon Musk  

Attackers have known for a very long time that it is considerably more successful to promote mass fraud on behalf of well-known individuals. Elon Musk is the first media figure who has been linked to frauds involving cryptocurrency giveaways. Furthermore, Ilon Musk’s peculiar conduct, propensity of blathering in public, and promotion of dubious products lend credibility to any con that uses his name. Therefore, the con artists release a false video featuring Elon Musk being interviewed by Fox News or another outlet and advertise a hoax bitcoin giveaway.

The tactic entails pretending to be Elon Musk and the companies Tesla and SpaceX. They are made to give the impression that they are a legitimate promotion. As a result, some videos include tutorials on how to log into the specified website and use a promotional code to receive free bitcoins. Numerous websites have names that are extremely similar, such as Moonexio.com, altgetxio.com, cratopex.com, or, as in our case, bitoxies.com.

How do cryptocurrency gift-giving scams operate?  

Using the hashtag #bitcoinforbeginners, the viewer can find a TikTok video that serves as the introduction. Many of the videos we watch are identical, as if they were cloned. The only thing that distinguishes them from one another is the unique promo code for each. An excerpt from the aforementioned interview appears on the cover of a random video that we open, and we then follow the on-screen directions to register for the website.

After logging in and entering the code, the website is opened. Bonuses are available on our account. When we try to withdraw them, we get a message that states we need to finish setting up and activating the account for it to work. The service requests a deposit of

0.005 BTC in exchange for it.

It goes without saying that you still cannot withdraw money after topping off your account. This scam’s main objective is to use deception to defraud victims of their money. The website also requests KYC data, which attackers will use to attempt to break into our other genuine accounts. Together, these factors raise the dangers much above financial loss.

It’s also vital to keep in mind that the websites mentioned may alter their names while keeping the same general message. There is currently a pandemic of these sites, all of which have the exact identical layout and promises but different names.

How can I stay away from cryptocurrency frauds? 

The users’ ignorance is the first premise around which this fraudulent plan is built. The second is greed, or the need to gain money for no work.  

With the first, we can assist; however, the second requires expertise. Understanding that you must pay for everything in life and that nothing will be given to you for free is crucial. Furthermore, you shouldn’t take TikTok’s investment advise.

Elon Musk’s cryptocurrency freebies are phony, just like his pledges to improve Twitter. You cannot invest in cryptocurrency out of pure curiosity.  

You should properly understand this industry before making an investment. Losses are inevitable if not. We also encourage you to only use authorized platforms and apps. You can recognize scammers using the following warning signs:  

• The advertisement offers free cryptocurrency in exchange for completing easy tasks like subscribing to an account, viewing a movie, or leaving a comment on a post.
• It has grammatical or spelling mistakes.
• The advertisement seems amateurish or casual.
• You must input your personal or bitcoin wallet information to view the advertisement.

It’s advisable to ignore any posts or comments that exhibit one or more of these characteristics.