In recent times, cybercriminals have exploited X's advertising platform to promote websites leading to cryptocurrency scams, including draining wallets, fake airdrops, and other deceptive schemes. Formerly known as Twitter, X claims to display ads based on user activity, tailored to match individual interests. Despite previous concerns raised by Elon Musk about persistent scam ads on YouTube, X now faces its own challenges, with an increasing number of ads promoting cryptocurrency-related scams.
The Surge of Cryptocurrency Scams on X:
These scams involve links to Telegram channels promoting pump and dumps, phishing pages, and websites hosting crypto drainers—malicious scripts designed to empty assets from connected wallets. X's ad targeting, based on users' interests, means that individuals not engaged in cryptocurrency may remain unaware of these ads. However, for those immersed in the crypto space, the platform has become inundated with seemingly endless malicious promotions.
A Disturbing Trend:
"I'm not lying when I say every ad I'm seeing on X is a trick link targeted at crypto to deplete people's wallets," warns a concerned X user. While attackers have exploited X's ad platform for some time, the proliferation of malicious ads has surged in the last month, prompting security researcher MalwareHunterTeam to actively track and expose them. Screenshots of X ads containing crypto scams, often originating from verified users, are shared as evidence of this alarming trend.
Community Warnings and Scam Reports:
The severity of the issue has reached a point where X users are compelled to leave community notes on ads, cautioning others about potential scams or wallet-draining tactics. ScamSniffer, a platform dedicated to tracking scams, recently reported a cryptocurrency drainer named 'MS Drainer,' promoted through Google Search and X ads, which has successfully swindled $59 million from over 63,000 victims in nine months.
Deceptive Ads and Unclear Safeguards:
The threat actors behind these scams on X have utilized ads claiming to be a limited edition NFT collection named Ordinals Bubbles, fake airdrops, and new token auctions. The exact screening process X employs to prevent these deceptive ads remains unclear. Many frustrated users express concerns about the lack of scrutiny applied to the ads allowed to run on the platform.
Twitter's Revenue Woes and User Speculation:
As Bloomberg reported a projected drop of $2.5 billion in X's ad revenue, a more than 50% decline from 2022, users are questioning whether Twitter is deliberately turning a blind eye to these malicious ads to salvage its diminishing advertising income.
Conclusion:
The surge in cryptocurrency-related scams on X raises serious concerns about the platform's ad screening processes and user safety. As users grapple with an increasing onslaught of deceptive promotions, the need for robust measures to identify and eliminate malicious content becomes paramount. Whether X will address these concerns and take decisive action remains to be seen, but the community's vigilance in reporting and warning others about potential scams serves as a crucial line of defense.
Source Lawrence Abrams | bleepingcomputer.com