Scammers Exploit Social Media Platforms for Cryptocurrency Scams
Scammers are shifting their strategies and using trending social media platforms like Instagram, TikTok, and Twitter to carry out digital currency scams. In the past, they relied on text messages and Twitter posts, but now they are creating deepfake videos featuring famous individuals such as Elon Musk (Tesla & SpaceX CEO) and Vitalik Buterin.
Modus Operandi of TikTok Scammers
On TikTok, users come across deepfake videos where Elon Musk (Tesla & SpaceX CEO) talks about a new digital currency or exchange. Curiosity or greed leads them to click on the provided link without verifying if it’s a genuine endorsement from Musk.
Cryptocurrency Scams on Twitter
Scammers are not limited to TikTok; they likewise operate on other platforms like Twitter. A simple search for ” cryptocurrency giveaway” outlines numerous phishing tweets trying to steal users’ funds through fake giveaways. Bots are used to tag users and attract their attention to these fraudulent posts.
Incidences of Scams
A recent incident involved scammers hacking Ethereum (ETH) co- founder Vitalik Buterin’s Twitter account and posting a link promising free non-fungible tokens (NFTs). Users who clicked on the link lost their NFTs. In addition, a cryptocurrency whale lost $24 Million in a wallet approval phishing scam.
Protecting Yourself from Cryptocurrency Scams
To stay safe, it is advised to avoid engaging with social media content that promises airdrops, free digital currencies, NFT giveaways, or whitelist access. Be cautious and skeptical of any too-good-to-be-true offers.
Hot Take: Beware of Cryptocurrency Scammers on Social Media
Cryptocurrency scammers are becoming increasingly sophisticated and are now exploiting trending social media platforms to trick unsuspecting users. They use deepfake videos and phishing tweets to lure victims into fake giveaways or steal their funds. It is important to exercise caution and skepticism when encountering cryptocurrency-related content on platforms like TikTok and Twitter. Always verify the authenticity of endorsements and avoid engaging with offers that seem too good to be true. By remaining vigilant, you can protect yourself from sliding victim to these scams.
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