“X” users are struggling as Crypto Scams in Ads, officials have no clear response

Crypto scam news:

Crypto scammers now targeting X ads

Crypto scammers are using X ads to trick others into visiting websites that can steal their cryptocurrency or trick them with fake giveaways.

X shows ads based on what users are interested in, like many other platforms. Even though Elon Musk mentioned that YouTube has a lot of scam ads, it turns out that X has a problem too. More and more often, X is displaying ads that try to scam people into cryptocurrency-related frauds.

These scams might include links to Telegram channels that try to manipulate the value of a cryptocurrency (pump and dump), fake pages that try to steal personal information (phishing), or links to websites that can steal all the money from a connected wallet (crypto drainers).

Read more:

Former FTX Executive Caroline Ellison Alleges Sam Bankman-Fried Guided Her Toward Committing Fraud

 

Since X shows ads based on what users like, people who are not into cryptocurrency might not see these ads. But for those who are interested in it, the number of harmful ads seems never-ending. It's become so troublesome that other users on X are leaving notes to warn everyone that certain ads are scams or can drain your wallet.

Even though attackers have been misusing X's ad platform for some time, the problem has become much worse in the last month. A security researcher named MalwareHunterTeam has been keeping track of these malicious ads and posting screenshots, showing that many come from verified users.

On a certain day, crypto scammers made ads that acted like they were a special NFT collection named Ordinals Bubbles, fake giveaways, and new token introductions. Few days earlier we published a report based on the information which was collected from other online media that Google and X ads are the new weapon for crypto scammers, had stolen $59 million from 63,210 victims over nine months.

Read more:

Crypto scam: A retired correction officer charged as defrauded $600,000

We're not sure how well X checks these ads, but a lot of people are upset because it seems like there's not enough checking before letting ads appear on the site. Recently lots of online media share their different sorts of opinion about this matter. Bloomberg was reported last month that X ads revenue is projected to drop by $2.5 billion, which is almost an over 50% drop in revenue from 2022.

Another online crypto news publishing site “BleepingComputer” mentioned that they are trying to connect X officials but they have not responded to their previous emails about this issue.