The popular social media platform TikTok is overloaded with fakes Crypto Giveaways, allegedly by multi-billionaire Elon Musk. Thousands of messages say that the Tesla CEO apparently Bitcoin (BTC) given away. To redeem the tokens, they must visit an external website, the link to which is provided in the message.
Simulated “Elon Musk” promotes Bitcoin scams
Once you’re on the site, lucrative amounts of crypto are offered. Those interested simply need something Gas money, Bitcoin worth about $138 to obtain it. In addition, some personal information must be entered, such as: ‘Know your customer’ (KYC) policy.
After an enthusiastic user enters their details, they are disappointed. The contact is lost and shortly afterwards the site is no longer available. The scammers use thousands of variations of Internet addresses such as bitoxies(.)com, moonexio(.)com, altgetxio(.)com and cratopex(.)com.
TikTok Is Flooded by “Elon Musk” Cryptocurrency Ad Scam – @LawrenceAbrams
— BleepingComputer (@BleepinComputer) September 17, 2023
Using the videos on TikTok Deepfake to simulate an interview by Musk with the Fox news platform. In the interview, the world’s richest man says that he and his company Twitter are giving away Bitcoin to mark the platform’s renaming to “X”. In fact, he has never said anything like that and his facial expressions and voice are simulated by artificial intelligence.
AI fraud poses a threat to the crypto industry
Artificial Intelligence, in English Artificial Intelligence (AI), is often used by scammers. The self-thinking programs can spread thousands of messages in a short time and impersonate many people. Videos are being produced in which famous people with great influence announce messages that they have never actually said.
Although artificial intelligence is a major threat when it comes to fraud, it can also be a godsend. AI is already widely used to spread scams on platforms like X (formerly Twitter). Last month we wrote about GiveawayScamHuntera program that identified around 100,000 crypto scams on X.