The National Information Technology Development Agency (NITDA) has issued a warning to Nigerians about the dangers of engaging in social media giveaways, particularly those related to cryptocurrencies,leadership reports.

In an advisory released on Monday, NITDA highlighted the prevalence of cryptocurrency giveaway scams, which have not only been circulating on TikTok but have also expanded to other social media platforms.

According to NITDA, these scammers aim to deceive their victims into making cryptocurrency payments and steal funds from their cryptocurrency wallets.

The advisory further explained, “TikTok has recently seen a surge in videos promoting cryptocurrency giveaways supposedly endorsed by well-known individuals and organizations. These scams are not new and have been present on other social media platforms for several years. The videos often feature manipulated footage of influential figures promoting the fake giveaway on reputable platforms and networks.”

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“Some videos provide instructions on how to access designated websites to enter promo codes for receiving free Bitcoin. Participants who try to take part in these giveaways are directed to register accounts on the websites they visit. Subsequently, they are asked to input a promo code mentioned in the TikTok video they watched.”

“Upon entering the code, the website pretends to deposit Bitcoin into the user’s wallet. However, to withdraw the supposed free Bitcoins, users are required to activate their accounts by depositing 0.005 Bitcoins.”

NITDA emphasized that scammers profit by fraudulently obtaining these ‘activation’ deposits, leaving victims without any Bitcoins as promised. Additionally, individuals are prompted to provide sensitive information, which scammers can use to attempt unauthorized access to other legitimate cryptocurrency accounts.

To protect themselves from falling victim to such scams, NITDA advised Nigerians not to share personal data on untrustworthy websites. The agency also emphasized the need to exercise caution when encountering social media giveaways, especially those involving cryptocurrencies.


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