Cybercriminals are exploiting X’s advertising platform to propagate cryptocurrency scams, leading users down the treacherous path of fake airdrops, pump-and-dump schemes, and malicious crypto drainers.
Despite X’s claim to tailor ads based on user interests, even those less involved in the crypto space may be shielded from this onslaught. The sheer volume of malicious ads has surged over the past month, with security researchers, notably MalwareHunterTeam, closely monitoring the escalating threat.
The nefarious campaigns extend beyond simple phishing attempts, encompassing crypto drainers like ‘MS Drainer,’ which allegedly stole a staggering $59 million from over 63,000 victims within nine months.
Verified X users unwittingly become conduits for these scams, as the platform struggles to curb the increasing influx of deceptive advertisements. Concerns rise as community members resort to leaving warnings on ads, signaling the platform’s struggle to vet and control the surge of fraudulent content.
As frustrations escalate among users, the lack of a robust vetting process on X comes under scrutiny. Reports suggest a potential correlation between the platform’s alleged leniency towards malicious ads and a projected drop in ad revenue by over 50%, reaching $2.5 billion.
This speculation fuels user suspicions that X may be overlooking malicious content to salvage its declining advertising revenue.
