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TikTok Battling Influx of Elon Musk Crypto Scams

According to a recent report by Bleeping Computer, TikTok has become a hotbed for fake cryptocurrency giveaway scams, many of which impersonate Elon Musk, Tesla, or SpaceX. These scams trick users into registering accounts on fraudulent crypto exchange sites, asking them to deposit a small amount of crypto, which is supposed to activate their accounts. Despite their transparent nature, these scams have proven effective, stealing millions of dollars from unwitting social media users. Earlier this month, cybersecurity firm Norton alerted TikTok users about a sophisticated scam that uses AI-generated deepfake videos of celebrities like Elon Musk and Mr Beast to promote fake cryptocurrency giveaways.

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