Users of the rebranded social network X (previously known as Twitter) have expressed growing dissatisfaction with the surge in deceptive advertising infiltrating the platform. These advertisements predominantly promote fraudulent schemes related to cryptocurrency theft websites, counterfeit digital asset giveaways, and various forms of scamming tactics aimed at unsuspecting users.
Proliferation of Malicious Ads
Despite Social Network X’s claim of displaying ads tailored to user preferences, reports indicate an alarming trend of an increasing number of fraudulent ads saturating the platform. These deceptive advertisements have flooded users’ feeds, creating what some describe as an “endless stream” of malicious content, specifically targeting digital asset owners. Shockingly, some of these misleading ads have been flagged and accompanied by warnings acknowledging their fraudulent nature.
Implication of Verified Accounts
Compounding the issue is the revelation that a significant portion of these fraudulent advertisements originate from “verified” X accounts, notes NIX Solutions. These accounts, distinguishable by the blue checkmark, are associated with premium subscription options costing either $8 or $16 per month. The prevalence of these scams, supposedly endorsed by verified accounts, raises questions about the platform’s vetting process for advertisements. Speculation persists that the platform may lack a robust screening mechanism, possibly stemming from its loss of major advertisers in late 2023. Notably, following the suspension of campaigns from industry giants like Apple, IBM, and Disney, The New York Times projected potential losses of up to $75 million for Social Network X by the end of 2023.