BBB Warns of Rising Crypto Scams on Tiktok — ‘They May Resort to Scare Tactics’
The U.S. Better Business Bureau (BBB) has issued a warning about a surge in “money-flipping” crypto investment scams on Tiktok. “They may ask for fees several times,” the BBB cautioned, adding that if you question them, “they may resort to scare tactics, telling you that if you don’t pay, you’ll miss out on the giant return or that they can take legal action.”
Crypto Scams on the Rise on Tiktok
The U.S. Better Business Bureau (BBB) recently issued a warning about the rising number of cryptocurrency investment scams on Tiktok. Founded in 1912, the BBB is a private, nonprofit organization focused on advancing marketplace trust. According to the bureau:
Money-flipping cons have long been popular on Instagram and Twitter. But as Tiktok’s popularity grows, so do the con artists. Watch out for this Tiktok scam, which promises to turn a few hundred dollars worth of cryptocurrency into thousands in no time.
The BBB explained that when browsing Tiktok videos, you may come across some showing a pile of cash, with creators claiming that they amassed this wealth within a matter of days through cryptocurrency investments. They then offer to assist you in achieving similar returns for a nominal fee, with certain individuals even guaranteeing to triple your money in less than a week.
“They will ask you to send money — usually a few hundred dollars — through a digital wallet service like Paypal, Zelle, or Venmo. They may even ask you to purchase the cryptocurrency and send it to them. Then, they ‘invest’ their money in the stock market, which allegedly starts multiplying immediately,” the BBB detailed.
Noting that the scammers will try to extend their con as long as possible, the bureau cautioned:
They may ask for fees several times, always promising you will get much more back than you spend. If you question them, they may resort to scare tactics, telling you that if you don’t pay, you’ll miss out on the giant return or that they can take legal action.
Have you come across crypto scams on Tiktok? Share your experience with us in the comments section below.