Such scams spread on TikTok and extort users’ crypto money by luring them into traps with various promises. A Leicester man was one of the victims of this scam and was scammed out of cryptocurrency payments worth £6,000 (approximately $7,620).

This incident shows that crypto scams are based on fake advertisements that masquerade as job opportunities online but are actually intended to deceive.

According to LeicestershireLive’s report, the scammers offered the victim a position that did not require work experience. This ad, published in early August, was about a company called Clickaine, which advertises itself as an “international app marketing company” and promises a “data provider user” position.

However, Clickaine is a real marketing company based in the Czech Republic whose name was used without permission in this fraud, and it stated that it was not involved in the fraud operation in any way.

The fraud process started when malicious people contacted the victim via WhatsApp and pretended to be recruiters. The victim was offered a salary and commission of up to £4,650 (approximately $5,800) for just one hour of work per day.

It was stated that the fee will be paid in USDT. However, before starting this “business”, the victim was asked to open an account at the Crypto.com cryptocurrency exchange. The job involved completing seemingly simple online tasks. But what was remarkable was that before each mission, the victim was asked to pay a certain cryptocurrency.

The scammers promised that cryptocurrency payments, which the victim had to deposit to a specific wallet address in order to start the mission, would be refunded along with the commission after the mission was completed.

At first, the victim made small investments and received profits and commissions in return, which gave him a false sense of security. However, investments grew over time; Initially investments of around £30 rose to £8,000. When large investments were made, fraudsters did not pay back and the losses became permanent.

When the victim shared her experience on TikTok, many other victims reached out to her with similar experiences. This incident showed that fraud was not an isolated incident but part of a wider fraud network.

TikTok’s community guidelines prohibit such fraudulent activity, but that’s not enough to stop crypto scammers. Fraudsters, who manage to lure users into traps through various methods such as fake cryptocurrency giveaways, investment opportunities and job offers on social media platforms, are using increasingly complex and convincing methods.

These types of scams are not limited to TikTok. Other platforms like Facebook and X are also facing fake crypto ads and scam attempts. An investigation by the Australian Competition and Consumer Commission found that such scams have become widespread and more than 600 misleading ads have been identified.

Additionally, blockchain security firm SlowMist noted an increase in phishing links published by accounts impersonating crypto-focused projects earlier this year.

The spread of crypto scams requires internet users to be more careful about job offers and investment opportunities they encounter, especially on social media.

Although platforms try to prevent such frauds, the constantly renewed methods of fraudsters increase the number of victims. Therefore, it is of great importance for social media users to be aware and careful about such risks.