The Better Business Bureau (BBB) is warning about cryptocurrency scams on Tiktok.” You are scrolling through Tiktok when you come across a video showing a pile of cash. The creator says he won that wad of cash in just a few days by investing in cryptocurrency,” the BBB elaborates.
Crypto Scammers Defrauding Tiktok Users
Crypto Scammers Defrauding Tiktok Users.
The Better Business Bureau (BBB) warned Friday of a cryptocurrency scam on the popular video hosting platform Tiktok. founded in 1912, the BBB has been a private nonprofit organization for over 110 years that helps people find companies, brands, and charities they can trust. private, non-profit organization that enables people to find companies, brands, and charities they can trust.
The BBB explained that “as Tiktok’s popularity grows, so do the scammers,” noting that the BBB has received many new reports from the “Scam Tracker” related to this money-flipping scam.
You are scrolling through Tiktok and come across a video showing a pile of cash. The creator says he earned that wad of cash in just a few days by investing in cryptocurrency.
Scammers on Tiktok may promise to turn “a cryptocurrency worth a few hundred dollars into thousands of dollars in no time.”
and the BBB elaborates, adding that they “may have a 100% guarantee that they can triple your money within a week.”
The organization explained that “when you contact a supposed investor (scammer), perhaps through Whatsapp, Telegram, or another messaging app, they will be polite and professional,” adding.
They will ask you to send money – usually several hundred dollars to start – through a digital wallet service like Paypal, Zelle, or Venmo.
But when you try to “get your money back,” the scammer will insist that you pay a fee. At first, these amounts may seem harmless … They may repeatedly ask for fees and always promise to get back much more money than what you are spending.”
“If you question them, they may resort to scare tactics, saying that if you don’t pay, you will miss a huge return or they can take legal action,” the BBB further elaborates, warning.
Unfortunately, the money you send will end up in the pockets of the scammers. You will not get a return on your investment and you will not get your initial deposit back.
The BBB concludes by giving some advice on how to avoid money-flipping scams. It also states that you need to understand how digital wallet services work.
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