TikTok, the popular video-sharing platform, has become inundated with a surge of fake cryptocurrency giveaways, according to a new research.

What Happened: These scams predominantly exploit themes related to Musk, Tesla, or SpaceX, leveraging deep fake videos and impersonation tactics to deceive users.

According to BleepingComputer, the modus operandi involves creating hundreds of fraudulent websites disguised as crypto exchanges or giveaway platforms, luring users to register accounts in the hopes of receiving free cryptocurrency. However, these scams are designed to steal any deposited crypto, leaving victims with nothing.

On TikTok, these fraudulent giveaways take the form of videos that are posted on an hourly basis. Many of these videos feature deep fake technology, presenting fabricated recordings of Musk being interviewed on networks like Fox News, where he promotes the bogus cryptocurrency giveaways.

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF?  Ask industry experts directly at the Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond’s ‘Octopussy

Why It Matters: BleepingComputer conducted an investigation into one of these giveaways to understand its mechanics. They discovered that almost all of these scams follow a similar pattern and require users to register an account on a website with domains that imitate popular cryptocurrency-related sites.

To participate in the giveaway, users are prompted to enter a promo code shared in the TikTok video and register an account on the scam website. The site then claims to deposit Bitcoin (CRYPTO: BTC) into the user’s wallet, displaying an inflated balance.

However, when users attempt to withdraw the supposed free Bitcoins, they are asked to activate their account by depositing a small amount of Bitcoin, typically around 0.005 BTC (worth approximately $132 at the time). Unfortunately, users never receive the promised Bitcoin and instead become victims of the scam, as the scammers pocket these “activation” deposits.

Image – Shutterstock

Price Action: At the time of writing, BTC was trading at $26,646.14, up 0.43% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?