Legal Action Against Cryptocurrency Scammers
In a decisive move against illicit activities, social media platform X, previously known as Twitter, announced on Friday that it is initiating legal proceedings against users who have been expelled from the site for engaging in cryptocurrency scams. These individuals allegedly attempted to bribe X’s employees in an effort to regain their access to the platform. The company revealed that this bribery scheme is part of a broader network associated with organized crime syndicates.
Collaboration with Law Enforcement
While specific details regarding the banned accounts remain undisclosed, X emphasized its collaboration with law enforcement authorities to address this issue.
X has exposed and is taking strong action against a bribery network targeting our platform. Suspended accounts linked to crypto scams and manipulation have resorted to hiring intermediaries in their attempts to corrupt our staff and reinstate their access.
Broader Criminal Activities
Additionally, the company pointed out that these wrongdoers are not only operating on X but also exploit various other platforms, including Instagram, TikTok, YouTube, Minecraft, and Roblox, under the umbrella of a larger criminal entity known as ‘The Com.’
FBI Warnings and Escalating Threats
The FBI had previously issued a warning in July about this emerging online threat group, primarily composed of minors engaging in various cybercriminal endeavors. The agency noted that the complexity of The Com’s activities has escalated over the last four years, with individuals increasingly employing advanced techniques to obscure their identities, conceal financial transactions, and launder funds.
History of Cryptocurrency Scams on X
X has had a troubled history with cryptocurrency scams, dating back to 2020 when it suffered a major security breach orchestrated by hackers who compromised the accounts of several high-profile figures, including former President Barack Obama and prominent brands like Apple and Uber, to disseminate a fraudulent Bitcoin scheme. More recently, hackers have leveraged high-profile accounts to promote a meme token based on the Solana blockchain, involving notable personalities like filmmaker Oliver Stone and Brazilian soccer star Neymar Jr., as well as the Lenovo India division.
