Recent advancements have demonstrated that certain parts have pushed it to an altogether new level, which is concerning given the prevalence of fraudulent activities and crypto scams on the internet. Reports from this new week indicate that con artists are currently mimicking billionaire Elon Musk, CEO of X (Twitter), on the social media platform TikTok in order to trick naive users into falling for their schemes.
However, it appears that the infection has already migrated to TikTok from other platforms, including Telegram, X (Twitter), Instagram, YouTube, and Reddit, to name just a few. And today, because to the widespread deployment of the technology that underpins artificial intelligence (AI), con artists are able to con people in far more sophisticated ways than before, going beyond the use of simple text messages and X (Twitter) postings. Instead, they are producing complex phoney movies of renowned figures like Elon Musk in order to carry out fraudulent attacks.
Read also: Hackers steal $690k from Vitalik Buterin’s followers on X (Twitter
How the TikTok Elon Musk impersonation works
This new kind of scam has a really interesting method of operation, which is pretty fascinating. Fraudsters employ artificial intelligence to produce videos in which Elon Musk is seen being interviewed by well-known media sites while simultaneously pushing a fraudulent cryptocurrency scheme.
The inept films instruct the unsuspecting victims to log onto websites such as “bitoxies.com”, “moonexio.com”, “altgetxio.com”, and “cratopex.com” and tell them to input a promotional code in order to receive free Bitcoin.
First, they instruct victims to visit a specific website, create an account there, and then enter a promotional code that is displayed in a TikTok video. Immediately following the acceptance of the user’s verification code, the website will show a notice indicating that it is going to begin the process of depositing bitcoin into the user’s cryptocurrency wallet.
These websites even go so far as to display ‘Bitcoin’ with a value as high as $10,000 on accounts that are obviously phoney. However, whenever a user seeks to withdraw the money that appears to be free, they will be required to activate their account by making a payment of 0.005 BTC, which is equivalent to approximately $130 USD.
It could just as easily be yours as it could be mine. The perpetrators vanish with the victim’s funds as soon as they receive the digital asset deposit, and they refuse to hand over any bitcoin.
However, it is upsetting that these shady individuals will go so far as to seek to Know Your Customer (KYC) information from their victims, as this poses a serious threat to their privacy.
Scammers attempting to steal money from users of social networking networks by posing as giveaways of cryptocurrency are becoming more common as these platforms become more popular. A breach that occurred a week ago on the Twitter account of Vitalik Buterin, the co-founder of Ethereum, caused cryptocurrency users to lose more than $700,000.
How to avoid TikTok’s Elon Musk fraud
TikTok can be a fun platform, but it’s essential to be aware and careful about cryptocurrency ads. Before you believe a movie promoting cryptocurrency, Ensure the account sharing it is accurate. Make sure the account really belongs to the person or business it says it does. Verified accounts, which have a blue checkmark, are often used by celebrities and businesses that are real.
Also, be wary of movies that say you can sign up and get a lot of free cryptocurrency. Real businesses don’t promise such high returns without taking risks. On fake websites, scammers often ask users to finish the Know Your Customer (KYC) processes. With this in mind, you should never give your personal information, like your ID number, to people who can’t be trusted.
Before investing in any cryptocurrency, doing a lot of study is important. Find out about the project, its team, and how well it has done in the past. Be wary of projects with little details or developers you don’t know.
Also, you should never agree to pay money upfront. Legit platforms don’t require users to pay fees or make payments before they can make money. If a website wants you to pay upfront, that’s a warning sign that you should stay away from it.
Lastly, if you find a sketchy video or account on TikTok, you should report it immediately. Reporting helps make sure that other users don’t fall for the scam.