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Threat actors are employing deepfake technology to create the illusion that the billionaire from the tech industry is endorsing cryptocurrency giveaways without any charge.

According to a recent report, TikTok, the popular social media platform, is being overwhelmed by crypto scams centered around Elon Musk, with the intention of deceiving people into giving away their money.

The frequency of news articles reporting about Elon Musk scams has increased since the billionaire gained control of Twitter in November 2022. Fraudsters in the digital realm are now trying to exploit Musk’s achievements, popularity, and ability to identify profitable opportunities in order to lend credibility to their unethical plans.

Elon Musk inundates TikTok with a multitude of highly realistic impersonation videos.

Recently, an authored report by Bleeping Computer reveals that on the social media platform TikTok, there are circulating video streams showcasing Elon Musk discussing profitable cryptocurrency investment prospects.

The footage exhibits Musk being interviewed by various media channels, including Fox News, with the addition of AI-generated audio imitating Musk’s voice. The original audio has either undergone substantial editing or has been entirely eliminated. Various videos have been spreading on social media platforms like Facebook and Instagram, employing similar strategies as certain mobile games and online casino applications.

Many of these videos clearly feature a fabricated clip of Musk, with scammers relying on the lack of scrutiny from viewers.

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