Campaign Against Cryptocurrency Scammers
X has launched a decisive campaign to combat a network of scammers who have been manipulating the cryptocurrency scene and attempting to deceive its employees through bribery. Accounts linked to fraudulent activities, specifically those engaged in crypto scams, were suspended as part of this initiative. Unscrupulous individuals working for these networks have made attempts to coerce X employees into reinstating these accounts, threatening the trust and integrity of the platform.
Legal Actions and Organized Crime
Legal actions are already in motion, with X fully cooperating with law enforcement to ensure that all responsible figures face justice. This bribery saga is not merely a series of disconnected incidents; it forms part of a well-organized effort, where offenders exploited major social media channels—like Instagram, TikTok, YouTube, Minecraft, and Roblox—to recruit partners and disseminate their instructions. Furthermore, these activities have been traced back to larger criminal enterprises, notably a group referred to as “The Com.”
Rising Crypto Fraud Statistics
The rise in such manipulation tactics highlights a concerning evolution in crypto-related scams. The FBI documented more than 17,000 instances of crypto fraud in 2024, with total losses surmounting $1.2 billion. Scammers have increasingly leveraged social engineering strategies to exploit both staff and users of various platforms. A striking recent case involved a suspended account that engaged a middleman to attempt bribing X employees with significant cryptocurrency in hopes of regaining account access.
Commitment to Security
In a bid to reinforce its commitment to security, X has mandated specialized training for all employees to identify and report any bribery attempts. Additionally, advanced monitoring mechanisms have been implemented to spot suspicious activities before they escalate.
Notable Scam Incident
A particularly egregious example of this kind of scam occurred on August 19, 2025, when a victim fell prey to social engineering and inadvertently lost 783 Bitcoin, a staggering amount valued at around $91 million, after fraudsters impersonated customer service representatives from both an exchange and a hardware wallet. The stolen assets were later traced to Wasabi, a cryptocurrency service renowned for privacy. This incident coincidentally occurred exactly one year after another significant theft—the $243 million Genesis Creditor fraud—further emphasizing the enduring threats posed by social engineering in the cryptocurrency arena.
