January 6, 2024 at 11:46AM
Cybercriminals are exploiting X ads to promote crypto scams including fake airdrops and drainer sites, targeting those interested in cryptocurrencies. X’s advertising algorithm matches users’ interests, resulting in an increasing volume of malicious ads. Despite warnings and skepticism over X’s ad vetting, it’s reported that malicious ads have significantly grown, raising concerns about the platform’s ad screening process.
Key takeaways from the meeting notes:
– Cybercriminals are exploiting X advertisements to promote crypto scams, including fake airdrops, phishing pages, and crypto drainers.
– Despite X claiming to show ads based on user interests, the platform is increasingly displaying malicious ads related to cryptocurrency.
– The volume of malicious ads on X has significantly increased in the past month, prompting a security researcher to track them.
– Community members on X have resorted to leaving notes on ads to warn others about potential scams or wallet drainers.
– An advertised cryptocurrency drainer named ‘MS Drainer’ reportedly stole $59 million from over 63,000 victims.
– There are concerns about the vetting process for ads on X, with users frustrated by the lack of scrutiny on allowed ads.
– X’s projected ad revenue drop has sparked speculation among users that the platform is letting malicious ads proliferate to boost revenue.
It’s important to address these concerns by implementing more rigorous vetting processes for advertisements and improving response to user-reported malicious ads to regain trust and protect users from potential scams.