NITDA Advisory On Cryptocurrency Giveaway Scam

NITDA Advisory On Cryptocurrency Giveaway Scam

The Federal Ministry of Communication, Innovation and Digital Economy and NITDA has given an Advisory On Cryptocurrency Giveaway Scam flooding on TikTok so we decided to share the update here.

According to NITDA, TikTok has recently been flooded with videos showing cryptocurrency giveaways supposedly offered by Notable Names and Organizations. These scams are not new and have been spread on other social media platforms for years. The videos contain a deep fake video of influential people promoting the fake giveaway on credible platforms and network stations. A few others show steps on how to log into listed websites to enter promo codes to receive free Bitcoin.

Impact:

When users attempt to take part in the giveaway, they are prompted to register an account with the website they visit. Subsequently, they are asked to enter a promo code that was received on the TikTok video they watched. Once they enter the code, the site will pretend to deposit Bitcoin into the user's wallet.

However, when attempting to withdraw the free Bitcoins, you must first activate your account by depositing .005 Bitcoins.

The scammers generate their revenue by stealing these “activation” deposits, as you will never receive any bitcoins from the sites. Furthermore. you will also be prompted to enter confidential information, which can be collected by the threat actors to attempt to breach your other legitimate cryptocurrency accounts.

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Preventive Measures:

1. Be wary of any cryptocurrency giveaway on any social media platform.

2. Do not fill in your data on any sites you do not trust.