User X calls out Musk: Fed up with fraudulent cryptocurrency ads

Author: cnBeta

Elon has previously stated on Twitter that there are endless scam ads on YouTube, and X appears to have its own problems, with an increasing number of ads promoting cryptocurrency scams being shown.

The scams include links to Telegram channels promoting "pumping" and "dumping," as well as phishing pages, and links to hosted cryptocurrency leakers A link to a website where this leaker is a malicious script that steals all assets in the connected wallet.

Because X displays ads based on user interests, users who are not involved in cryptocurrency may not see these ads. However, those who frequented the space are now bombarded with a seemingly endless stream of malicious ads.

"When I say that every ad I see on X is a scam link for cryptocurrency designed to drain people's wallets, I Not lying."

While attackers have been abusing X's advertising platform for some time, the number of malicious ads has increased rapidly over the past month. It attracted security researcher MalwareHunterTeam to track it.

The researcher has been posting screenshots of X ads containing crypto-scam content, almost all of which come from verified users.

This has gotten so bad that other X users have to leave community notes on the ads to warn others that these ads are scams or wallet drainers.

Last month, ScamSniffer reported that a cryptocurrency leaker named "MS Drainer" was heavily promoted in Google searches and X ads for nine months Lai stole $59 million from 63,210 victims.

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It's unclear what review procedures X has in place to prevent these ads, but many users are frustrated by the lax review of ads allowed on the site.

Bloomberg reported last month that X's advertising revenue is expected to drop by $2.5 billion, a drop of more than 50% from 2022. This led User X to believe that Twitter was turning a blind eye to these malicious ads in order to increase its dwindling ad revenue.