Nigeria’s National Information Technology Development Agency (NITDA) has warned citizens to be vigilant about the cryptocurrency giveaway scam, primarily targeting social media users.
The details
- According to the advisory release on Monday, September 24, the scam is mainly happening on TikTok, the popular video streaming platform.
- Scammers actively target victims by sharing videos of fake cryptocurrency giveaways featuring notable names and organizations.
- These videos are designed to deceive users and trick them into participating in the fake giveaway.
- According to the report, these scams are not new and have been subsequent over the years on social media.
How it works
- Users are encouraged to register an account on the website shown in the video and enter a promo code.
- The website pretends to deposit bitcoin into the user’s wallet.
- To withdraw the bitcoin, users are asked to activate their account by depositing .005 bitcoins.
- The scammers then steal the deposits, and the user never receives any bitcoins.
- These victims are also encouraged to enter their confidential information, which can be used to breach their legitimate cryptocurrency account.
Be smart
- NITDA, the government agency respons for ICT development in Nigeria, warned about websites pretending to be Open AI, ChatGPT. These websites trick users into downloading malicious files or software.
- The agency said scammers could potentially use the downloaded files to steal sensitive data like call logs, contact lists, SMS, and media files.
Zoom out
- Mariblock recently reported on how some crypto scam entities are defrauding unsuspecting Kenyans and Nigerians.
- These firms, which impersonate real crypto companies, ask users to deposit money to buy Bitcoin mining equipment and earn outrageous ROIs after a specific period.
- This highlights that, as cryptocurrency gains increasing popularity in sub-Saharan Africa, unscrupulous actors often exploit this trend to target unsuspecting victims.
- While it is commendable to witness government agencies cautioning citizens to exercise vigilance, there is a lack of clarity regarding the specific measures NITDA has implemented to safeguard citizens from such scams, beyond issuing warnings.
