Twitter/X users are reporting an uptick in malicious ads on the social network, specifically those that promote websites that lead to crypto drainers, fake airdrops, and other scams.According to BleepingComputer, X—which claims to show ads based on a user’s activity—is instead showing an increasing number of ads for cryptocurrency scams. Users are reporting what appears to be an “endless stream” of malicious ads on the site, many of which are designed to drain an individual’s crypto wallet.
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Several of the ads have become so prevalent that there are now “Community Notes” below them noting that they are scams.The account MalwareHunterTeam posted screenshots of a number of the ads, noting that the vast majority of them are being shared by “verified” accounts on the platform, essentially users who have decided to pay $8 a month for X Premium, or $16/month for Premium+.
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Many users have noted that the volume of the ads suggests that X doesn’t have a vetting process, or at least not a thorough one, for reviewing ads before showing them to the public.
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X may be hanging on to those advertisers due to the loss of several of its other more prominent advertisers late last year.
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In November, The New York Times estimated that X could lose up to $75 million in revenue by the end of 2023 after large advertisers—including Apple, IBM, and Disney—paused their advertising campaigns on the platform after X owner Elon Musk endorsed an antisemitic conspiracy theory on the platform. (Musk’s message to those departing advertisers? “Go fuck yourself.”) Before that incident, many advertisers left the platform after Musk implemented changes including cutting back on content moderation and selling access to verified status.
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