Security News > 2023 > September > TikTok flooded by 'Elon Musk' cryptocurrency giveaway scams
TikTok is flooded by a surge of fake cryptocurrency giveaways posted to the video-sharing platform, with almost all of the videos pretending to be themes based on Elon Musk, Tesla, or SpaceX. Threat actors have created fake cryptocurrency giveaways on social media platforms like Instagram and Twitter for years.
These scams pretend to be giveaways from celebrities, cryptocurrency exchanges, and, more commonly, impersonating Elon Musk or SpaceX. The scammers set up hundreds of websites that pretend to be crypto exchanges or giveaway sites that prompt users to register an account to receive free cryptocurrency.
While you would think that most people would see through these scams, they have been incredibly successful in the past, with scams stealing millions of dollars in cryptocurrency from unsuspecting social media users.
These videos are posted hourly and contain a deep fake video of Elon Musk being interviewed on Fox News or other networks, promoting a fake cryptocurrency giveaway.
These scams have gotten so profitable that the FTC released a report warning that $80 million has been lost to cryptocurrency investment scams since October 2020.
More recently, the Better Business Bureau issued a warning last week about cryptocurrency scams on TikTok.