Scam Targets Social Media Users with Fake Crypto Offers, a fraudulent cryptocurrency exchange, targets social media users with fake promo codes and celebrity endorsements, promising free Bitcoin. Victims are tricked into depositing their own cryptocurrency to "activate" withdrawals, leading to financial losses.

Emmanuel Abara Benson
Updated On
New Update Scam Targets Social Media Users with Fake Crypto Offers Scam Targets Social Media Users with Fake Crypto Offers, a fraudulent website posing as a legitimate cryptocurrency exchange, has been targeting social media users with fake promotional offers and celebrity endorsements.

The scam lures people on platforms like Instagram, YouTube, TikTok, Facebook, Telegram, and WhatsApp with promises of free Bitcoin for signing up and using specific promo codes.

Why this matters: The rise of cryptocurrency scams like highlights the need for increased awareness and vigilance among social media users, as these scams can lead to significant financial losses and erosion of trust in legitimate cryptocurrency platforms. Moreover, the use of fake celebrity endorsements and deepfake videos underscores the importance of verifying information through trusted sources to prevent the spread of misinformation.

The scammers use promo codes such as MIGHT2, RIGHTE, RITE, XBEAST20, BEAST44, or DUROV24 to trick users into thinking they are receiving free Bitcoin when they apply the code. The account balance appears to increase, but when users attempt to withdraw the Bitcoin, they are instructed to first deposit a small amount of their own cryptocurrency, typically around 0.005BTC, to "activate" the withdrawal option.

Several warning signs indicate that is a scam. The website was recently set up, and the owner is hiding their identity or providing suspicious contact details. The scammers use fake celebrity endorsements from well-known figures like Elon Musk, MrBeast, Jeff Bezos, or Bill Gates to gain people's trust. They also employ deepfake videos and messages on social media to make the scam appear legitimate.

Theregistrant informationfor lists a Mrs. Berniece Balistreri as the owner, with an organization called clsteam based in Los Angeles. The provided phone number is 1-323-349-0670, and the registrant country is the United States. is not the only fraudulent scheme of its kind. Other similar scams include,,,, and, all of which use similar tactics to deceive cryptocurrency enthusiasts.

For those who have fallen victim to the scam, it is crucial to take immediate action. Victims should stop making any further deposits and refrain from sharing more personal information with the website. They should notify their bank of the unauthorized transaction and report the scam ads on the social media platforms where they encountered them.

In the United States, victims can contact the Federal Trade Commission (FTC) at, while those in other countries should reach out to their national consumer protection agencies. Sharing information about the scam on personal social media accounts can also help alert friends, family, and followers to the danger.

It is essential to remember that"real cryptocurrency sites don't give away free money with risky tricks". Always verify offers with trustworthy sources and remain vigilant when encountering suspicious promotions. By staying informed and cautious, cryptocurrency enthusiasts can protect themselves from falling prey to scams like

Key Takeaways

  • is a fraudulent cryptocurrency exchange scam targeting social media users.
  • Scammers use fake promo codes and celebrity endorsements to lure victims.
  • Victims are asked to deposit own cryptocurrency to "activate" the withdrawal option.
  • Warning signs include recently set up website, hidden owner identity, and fake endorsements.
  • Verify offers with trusted sources and report scams to authorities to stay protected.