Bad actors are now turning to the video sharing platform to scam people by pretending to be cryptocurrency gifts from celebrities.

BleepingComputer first revealed that TikTok is flooded with fake posts pretending to be cryptocurrency giveaways from Elon Musk every hour. According to the report, the malicious videos contain a deepfake interview with Elon Musk for Fox News, promoting a fake cryptocurrency giveaway.

The report notes that the majority of scam videos use similar website domains such as bitoxies(.)com, moonexio(.)com, altgetxio(.)com, and cratopex(.)com. Despite the diversity of the fields, most of them use the same scam template, and pretend to be an investment platform, says BleepingComputer.

To participate in the giveaway

scammers lure users to register on the site and enter a shared TikTok promo code. The website pretends to deposit Bitcoin (BTC) into the user’s wallet by entering the code.

However, to withdraw cryptocurrencies, scammers ask victims to first activate their accounts by depositing 0.005 Bitcoin (worth about $132 as of press time). Moreover, scammers also ask users to enter KYC information to process the withdrawal. Once the scammers get what they want, they cut all ties.

As News Agencies previously reported, scammers are wasting no time trying to scam users on multiple social media platforms. On July 8, DeFi platform Wombex Finance shared a photo of a scammer on Threads pretending to be associated with the project.

Wombex immediately alerted users, warning them that scammers might be operating the account since their project was not on the Threads platform.