Bitcoin Forum

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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).

https://www.cryptocrit.xyz/2024/01/x-users-are-struggling-as-crypto-scams.html (https://www.cryptocrit.xyz/2024/01/x-users-are-struggling-as-crypto-scams.html)

It is not new, neither is it peculiar to only X, so many social media platforms also display scam ads and you can even download scam/phishing applications in Google playstore or Apple apps store, thus it is hightime people stop depending on these platforms to filter scam ads and apps for them and start doing their own due diligence. There are basic rules of thumb like: download only from the official website, do not input your seed phrase in just any website, always try to verify your crypto downloads, etc.

Having said that, there are always going to be victims because people lack the basic knowledge about cryptocurrency security, thus the only way to minimize the damage is by posting some of the modus operandi of these scammers and also advise people to stop clicking on random links and to use offline wallets to keep their coins.

This can never be stopped and not limited to Twitter (X) but it's across the social media and the only way we could stop this is be spreading awareness as much as possible and this cannot be done without the support of government and platform owners but still people will continue falling victims because this whole scamming domain has taken things to different level and they have so many innovative plans to trap users without making them realise. It's better if users avoid anything that's free and I would say this forum would be best place to take opinion before indulging into such campaigns but they create urgency which puts users in FOMO and fall for it. We need to be extra cautious that's what I would say.

Some of them can be stopped but it is impossible to eradicate them all, even though if X platforms ban any kind of ads related to cryptocurrency still users can find loopholes and come up with different strategies to get the same things done. And also some blame should go on the people too who become victims to such schemes just because of their greed alone.

You are correct, it is not a new phenomenon, and it is not exclusive to X(twitter platform, multiple social media platforms also exhibit scam advertisements. I think user should not solely rely on platforms to filter out such ads, in stead they should conduct their own through investigation to steer clear of becoming victims of such fraudulent advertisements/links.

it's what will happen with so much freedom in the platform but i think Elon likes it this way to prove his point about the freedom of speech. it's just that those users who invest in those scams will eventually learn which to invest and not.

this i think is still a way to introduce people to crypto. it forces the best in people to learn how to search the research properly where users themselves will utilize the google search to dig and find out the truth about crypto investments they are about to invest into.

Elon Musk has laid off over 70% of the workforce since the takeover of Twitter. No wonder the quality of the ad booking audit has declined. However, this is not just a problem for X. Google, Bing and Facebook also more and more allow crypto advertising that is misleading or indicates a scam. This is a general problem!

It is assumed that everyone has gained knowledge now that the X platform or any of the popular social media platforms without censorship and anyone cannot place his absolute trust in the ads that are promoted by scammers whether these ads are for phishing sites, Telegram groups, Discord channels, or any links to purchase a currency for a project on DEX, Or download any applications or programs directly through these advertisements. As soon as anyone makes hasty decisions and does not do sufficient research, he will, at a very large percentage, fall into fraud and lose his assets, or he will lose his privacy or his computer will be hacked and his important information stolen, It is worth noting that even advertisements in search engines such as Google or in mobile applications cannot be blindly trusted, as many incidents have spread of people being subjected to fraud through them. Therefore, everyone should exercise caution and refrain from trusting every advertisement they come across.

It's a problem for the entire internet really. An ad can't really be called a scam until someone has already been scammed, and to tally that, they have to submit proof and whatnot. Only then will social media companies start removing related ads. Sadly, it's a lot of effort imo (and that it's relatively unknown to most) for people to submit scam accusations especially if they can't even get their money back. Not to mention scammers can easily buy up another few slots of ads under a different name.

But, well, I doubt Elon would do much. He loves the words "freedom of speech" after all.

X platform will never ban crypto related ads. Not that I read it somewhere but I am this confident because of how Elon took up the platform, and he is even looking to promote crypto (from what I see). I think that they may put restrictions on what kind of crypto ads can be shown. Maybe it hasn’t gotten that intense enough for them to make the move or maybe they are already planning and will execute it soon. Whatever the plan is, it can’t involve banning crypto related ads. 

this is not new, even youtube also infested with scammers, in think elon himself has realized this, thats why back then he kept saying that twitter is full of bots, also he wants to eliminate these bots, but we know that eliminating bots completely from a platform is almost impossible feat because there are too many of these bots created everyday.
tell me, how to distinguish a bot from a real person who make tweet frequently programmably? I guess my best bet would be whether they are tweeting the same thing over and over but even real people are also tweeting the same tweet over and over.
so its kinda difficult to distinguish, elon's ambition of getting rid all of these bots which are used for scamming also seemed to be failing. but I guess he still finds way to do something about it.

People should understand that the social media is a public space where anybody or organizations can come and say anything whether true or lie, and the owners of these media sites don't really have a say in the content of stuff that is dumped in their sites. If the public can have this awearness then it'll be difficult to get scammed in the social media, because they'd be knowledgeable enough to understand that they need to carry out research before deciding to believe what they hear or click any link. I doubt that the users of X can sue Elon musk, for being scammed in his social media site, so people need to have these scam awearness and tell as many people as possible, to reduce the chances of scams, because they're not going to stop.

Elon himself expressed that he won't be involved with any crypto project and I assume it includes the promoting too.

He definitely manipulated the market and we all know what he is capable of when he simply made changes to his Bio and the BTC price skyrocketed then the DOGE show happened too and he did it all for his own benefits not for the care of cryptocurrencies in my understanding.

Because there are some loop holes with their system and that's why scammers are taking advantage of it. In most platforms, scammers and ads are there looking for a prey. It's hard to think that all of them will be gone someday because it's not gonna happen. What people needs to know is to be aware of their tactics and how they're existing because without such knowledge, you're always the target and potential victim of these scammers.

It is all for the money for companies and I don't think there is a law anywhere protecting the interest of anyone on the internet in this regard. That is why you see Google and any other platforms you can think of displaying and promoting dangerous ads anyhow and such that they might even know they are possibly going to scam people. They continue this unchecked and will continue to embolden them since it is a free world, but let's hope that the government can still look into this.

The fastest way this can happen is through protests since the government seems to be blind but it seems that people are still not looking towards that for now. But in my opinion, what should have been is that before allowing any ads on your platform, you must have understood the ads and the project involved in them and all that. There could be some verification put in place for ad placement to be possible on platforms to discourage the daylight scammed encouraged by popular websites and platforms.

But at the moment, we are the ones to protect ourselves. We should stop looking for hypes and HYIPs and be extremely careful in clicking the links we are not familiar with. When you see new projects, think twice as you do your own research before you get to conclude on what you will be doing further with them. No one will help you now, help yourself and stay informed, that is my candid advice.

I am happy that, I don't use X again, since they blocked my account, I left them and focus on my other social media accounts. X is full with scammers since people are using not to make money monthly. According to someone people are even boosting their accounts to receive many followers. And the reason why the scammers full X because the developers are not working hard to secure the site.

But one thing we have to know is that, X is a social media channel where good and bad mingle together. So anything can happen to the user so you to know what to do whenever your using it.

As for why he shilled Bitcoin and DOGE back then, I can’t say if it was for his own benefits, but I understand that it is possible for him to have a clean mind putting it up there even if he knows it’ll influence the market. However, just because he said he won’t be involved doesn’t mean he won’t be. Understand that he may be referring to being publicly involved. However, he has crypto and is into crypto so he can’t take an action like banning crypto ads because he knows he’ll not only lose customers but will hurt the crypto space as a whole.

TwitterX ads regulation is the worst, not only crypto scam, there is so many problematic ads. I have seen an ads that impersonating several big fashion brands that giving a discount, but when I click this ad sent me to a phising site required to give my data including my card. Clearly I wouldn't fall for it, I immediately close the window, but there are some people who are naive and might be lured.

Yes and some of these crypto scam ads do look very real. I seen a ad for XRP and I was going to send some of my tokens to it.
But it is a good thing I did not because it was a scam. But it was with nice video and it did look so real. Just make sure you are careful. I do hope Elon Musk will fix this problem.

I see a lot of giveaway advertising happening and most of them want to connect to your wallets. I clicked on one of the advertisements it went to a page and asked permission to access the wallet. The page mentioned that connecting the wallet ensures that the giveaway crypto credits are the correct one. If a newbie reads it, he or she would straight away give access to his wallet. Furthermore, the advertisement campaigns are being run by blue tick ID. That makes it more convincing for anyone new on the platform who doesn't know how Bluetick can be bought on X.com. YouTube still doesn't have a policy of selling its white tick.

I do think that X is doing a really good job with security I can tell that they are very much more secure with their users’ profile compared to back then they do a lot of verification which could be annoying at time if i am being honest but in a sense it would actually be really helpful to identify those who create spam accounts and post content that are not suitable for the community

Definitely, it is for his own benefit alone. He needed some kind of buzz to keep his fame and he is known for supporting new technology so he grabbed the bitcoin first and said he have some bitcoin meanwhile he bought other cryptos like DOGE and after he said tesla wouldn't be accepting bitcoin as payment then he pulled the DOGE show and cashed out some profits and also kept his name popular when its needed.

It seems they have made various changes after ownership was transferred to Elon. I still remember, before that, an ICO period on the forum (a more aggressive one) when we used to post hundreds of tweets daily. Imagine thousands of members doing that from a single forum. It was as scammy as it looked back in the time. Even today, the same practice is followed however, soon after the trend went down as accounts were blocked for spreading spam.

There are also giant accounts with millions of followers who keep trolling other projects, spreading FUD like X person will receive 100 ETH and shit like that. This is where X also started banning accounts.

Now when it comes to the ads part, I think X shall have a team of mods with human verification to approve the ads. They should eradicate any ads that are tailored for crypto scams. Only a human can recognize that. Advertisements have a big share of any social platform and it must be taken seriously to prevent further consequences if such spam keeps coming.

This was the problem in Google way back then when there were lots of fake ads that contained scam projects and offers. The same scenario that happening right now with "X". I really hope they can fix this because I can see that there are already lots of victims that were fallen into these traps because they thought of getting into real investment with crypto and they are taken advantage with their ignorance since they cannot distinguished the truth from fakes. They really need to help their users because scammers are all around their platforms and I'm sure it will create a huge problem in the future if they cannot fix it.

Social media platform are a common place for scammers to start. This is where they find people who are new to the industry and can be fooled easily due to their lack of knowledge. I have seen some ads that used a similar name to a legit project to fool users. Sometimes people click those links to see what this project is all about and that is the first mistake they make. Those phishing links give access to the user wallet so it is advisable not to click any link anywhere unless you are sure you are not falling for a scam.

This is common on all social platform, though X has the highest rate based on my biases but the truth is this scams ads can't be easily eradicated but can be reduced, only if artificial intelligences can be put out and for humans to regulate and thoroughly check ads before approval.

I'm also concerned about the comfortability of X current CEO because his concerned about others business but never takes time to look at his own business flaws. Well, we all know how insecure the internet is so we just have to be more careful.

There are scammers everywhere. It's not only X but also Facebook, Youtube and wherever the scammers can find a gullible person. The only way of stopping them is through scam literacy. They would only stop when the advertising cost or effort on creating the scam is more expensive than the amount scammed.
I personally  have fell into such telegram pump group scammed that really looked able to pump coin to a high value, excited about my profit, tried to sell but than I found out that the coin is not sell-able and I have been scammed.

I am rather beginning to think that maybe these people who review and approve these ads do not actually see anything wrong with it at the time. What if the ad was properly disguised and then when it gets approved they make a few changes and maybe redirect to scam places? Maybe the only way which is a common feature on social media platforms is reporting the ad. For a fact, I know that 𝕏 doesn’t want people being mislead.

Twitter has been a terrible place ever since Elon took over, maybe the only thing that got a bit more popular under him is the community notes, which was created way before him and it wasn't just as popular, but because he took over and made almost everything a simple transactional place, I believe that people needed to use community notes a lot more often.

This is basically a situation where we need to realize that it is not going to be all that easy for anyone to do this properly, twitter is not a place people should look for investment. All those scams? Only possible to scam you if you go on twitter and willing to use your money when you see something you think making sense, but if you see something on twitter, assume ALL of them are scams.

There are lots of spam ads floating around that contain phishing links that will steal everything from the people who fall for it. This can also be a video on YouTube, live or just an advertisement and in X there are quite a lot of paid advertisements that include phishing links, but they can be reported very easily so they can be blocked immediately. Sometimes several accounts also comment on someone's account discussing the same project, they usually provide a link that looks good to click because it is related to the airdrop being shared, etc. So you have to be more careful when clicking on any link, you have to check it repeatedly.

Crypto fraud on X platforms, as well as others, is indeed a serious problem. Such cases can lead to financial losses and leakage of users' personal information. The best way to combat such scams is through increased awareness among users and checking advertisements thoroughly before clicking on them. I myself have fallen for this type of fraud more than once.

X didn't have ads like this in the beginning but in recent times,  the media has reported that X is currently worth around 70% less than what Elon Musk paid in 2022. So he has to make buy some of that money somehow. What's even more surprising is that even blue subscribers are not exempted from the ads — except the fact that they get less ads compared to free users.

My rule of thumb for dealing with these scammy ads is simply to block the accounts doing the ads. It's not much but I get some satisfaction that I'd see one less ad on my feed.

That you can do as a user. It is not a difficult task to do anyway.
Also, avoid clicking those links if you think your security is being compromised.
This platform will always find a way how to earn money, so you can't blame them for deploying those ads as additional income.
The officials may be mum for now but if a certain influential person will comment on this, they may think about on this matter.

This has been happening for years on that platform. I remember seeing Elon Musk ads to supposedly double your bitcoin by sending to a certain address. It’s not just X, they lowlives prey on the naive & desperate. If something seems too good to be true, in life, it almost definitely is. Please be vigilant & take your time online, verify everything before you input sensitive data that could lead to financial loss.

It happened a long time back and not just Elon Musk, almost every rich person's twitter account was hacked and the one who hacked scammed the individuals with bitcoin doubling scheme and people fell for that even who knew it might be scam because it all went from the verified twitter profiles and thought that rich people in the world is feeling generous to the people.

Facebook just Banned Everything. I would say that People can Advertise their Websites and Everything, but no Ads for ICOs and Everything, that is a Good way to do it.

Twitter (X now)  is where the place in which scammers is putting their Baits to hunt victims over the years so do you expect that just because the Name and owner is new meaning the scams will gone?
this shows that even how technical the site is still we as users must be the one to be responsible for our own safeties.
remember tht X cares nothing about yours but your money in subscription and using.