Cybercriminals are abusing X advertisements to promote websites that lead to crypto drainers, fake airdrops, and other scams.
Like all advertising platforms, X, formerly known as Twitter, claims to show advertisements based on a user's activity, leading to ads that match users' interests.
While Elon had previously tweeted that YouTube is nonstop scam ads, X appears to have its own problem, increasingly showing advertisements promoting cryptocurrency scams.
These scams include links to Telegram channels promoting pump and dumps, phishing pages, and links to sites hosting crypto drainers, which are malicious scripts that steal all the assets in a connected wallet.
As X shows advertisements based on users' interests, those not involved in cryptocurrency may not see these ads. However, those who frequent the space are now bombarded by what appears to be an endless stream of malicious ads.
"Im not lying when I say EVERY single ad I am seeing on X is a scam link targeted at crypto to drain peoples wallets," reads a post on X.
While attackers have been abusing X's ad platform for some time, the sheer volume of malicious ads has increased rapidly over the past month, causing security researcher MalwareHunterTeam to track them.
The researcher has been posting screenshots of X ads containing crypto scams, almost all coming from verified users.
It has gotten so bad that other X users must leave community notes on ads to warn others that they are scams or wallet drainers.
Last month, ScamSniffer reported that a cryptocurrency drainer named 'MS Drainer' that is promoted in Google Search and X advertisements, had stolen $59 million from 63,210 victims over nine months.
On X, the threat actors created advertisements that pretended to be a limited-edition NFT collection called Ordinals Bubbles, fake airdrops, and new token launches.
It's unclear what vetting process X has in place to prevent these ads, but many users are frustrated that there is not much scrutiny on what ads are allowed to run on the site.
Bloomberg reported last month that X's ad revenue is projected to drop by $2.5 billion, an over 50% drop in revenue from 2022.
This has led X users to believe that Twitter is turning a blind eye to these malicious ads to bolster its dwindling advertising revenue.
BleepingComputer did not contact X about this story, as they have not responded to our previous press emails.
Comments
GT500 - 5 months ago
I didn't realize that someone could pay to make a tweet an ad on eX-Twitter.
Anyway, considering how many advertisers have pulled out, I imagine that Elon Musk has ordered that the restrictions for who can advertise on eX-Twitter be relaxed in order to recoup some of their list revenue. An unfortunate turn of events, but not really that surprising.
I don't spend much time on Twitter, and I use an uBlock Origin anyway, so I don't see stuff like this.
ThomasMann - 5 months ago
Yes, it is basically as simple as you write... Idiots will always be idiots, and as we know from a long past, the only way idiots learn, is through their wallet. It is the samne people that open any attachement in e-mails, the morons we have to thank for malware in general.
If you think someone is doing you a favor for free (like Microsoft!) than you need to do some learning. If you think "social" platforms give you reliable information, then live with the consequnces.
The one think that Musk REALLY needs to look at, are his admins... How is it possible that crooks become verified??? If greed is more important than checking thingfs, than he might as well close down his shop.
GT500 - 5 months ago
eX-Twitter has lost so many people that I wonder if they still have the manpower to properly verify accounts and advertisements. It's probably mostly automated, and if Musk has ordered restrictions to be relaxed to increase advertising revenue then the system may be letting a lot more scams slip through than it used to.
h_b_s - 5 months ago
It's just as easy to note that "free speech" in the form promoted by absolutists like Musk leads to platforms becoming sewer pipes and cesspits little different from the infamous 4-chan. If you're still on X, then you're basically getting what you're asking for at this point. Stop complaining and just effin leave already.
ThomasMann - 5 months ago
h-b-s
I found 4-chan rather entertaining, like, once a week for half an hour. If you use social media for advice, you are an idiot in the first place, and have NO right to complain... you are right there!
DIMMReaper_ - 5 months ago
So a bunch of idiots are getting scammed? I'm sorry but if you're smart enough to get into crypto, you should know better. A fool and their money will soon part ways, or something like that.
TrueFalcon - 5 months ago
Let's just all move on and forget the "formerly known" thing. I'm sick of it and its owner. I'd luv to see his face when 99% of users leave❗