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The Elon Musk scams are fraudulent crypto schemes that steadily increase their activities on the popular video-sharing platform called TikTok. These malicious activities primarily relate to Elon Musk and its companies, such as Space X and Tesla.
Malicious actors have been executing bogus cryptocurrency giveaways across social media platforms like Twitter (now known as X) and Instagram. These scams often disguise themselves as giveaways from famous individuals and cryptocurrency exchanges.
The Elon Musk scams have developed websites for fake promotions and giveaways.
The operators of these Elon Musk scams have established numerous sites that pose as cryptocurrency exchanges or giveaway platforms. These domains could lure users to register accounts with the promise of receiving free cryptocurrency. The scammers organised these fraudulent schemes to steal cryptocurrency assets, leaving victims empty-handed.
Most individuals know these malicious operations, but the threat actors have continuously upgraded their tactics fooled unsuspecting users, and earned millions of dollars worth of crypto assets.
In addition, these scammers have started to deploy more scams on TikTok since the platform has grown significantly and acquired millions of users daily. Based on reports, the attackers used deep-faked clips of Elon Musk supposedly being interviewed by a well-known news outlet to promote their fake crypto giveaways.
These scammers will continue to exploit these platforms since they have already seen samples of how these scams could be profitable. Hence, social media platforms will likely be infested by variations of these entities trying to fool as many users as possible.
These scams have proven so lucrative that the FTC released advisories about these scams, earning $80 million since October 2020. Therefore, users should know how to recognise such activities if they are legitimate or fake.
These cryptocurrency giveaway websites will continue to attack users thirsty for free rewards online. Hence, attackers will still use credible entities to fool users and harvest ill-gotten funds.
Users who encounter emails, videos, tweets, or other messages on these platforms that promote giveaways should never forget that any crypto sent to illegitimate or suspicious websites will surely land in the hands of scammers.
