X Uncovers Bribery Network Tied to Crypto Scammers

X reveals that crypto scammers bribed insiders to reinstate banned accounts; an investigation is underway with law enforcement and platform-wide security measures.

X, formerly known as Twitter, has revealed a bribery network involving crypto scammers who attempted to manipulate the platform. In a recent announcement, the company stated that blocked accounts have spent money on intermediaries to attempt to bribe X workers to have their suspended accounts reinstated.

X Sues Crypto Scammers, Investigates Internal Bribery

As X wrote, these accounts were initially suspended due to crypto scams and platform manipulation. At this point, the platform is suing those parties, the scammers, and any employees who might have been hacked.

Notably, the system of bribery was not exclusive to X. Such people also use Instagram, TikTok, YouTube, Minecraft, and Roblox. This demonstrates how large and well-organized the network was and connected to bigger criminal organizations, one of those being a group referred to as The Com.

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X has also clarified that it is collaborating closely with the law enforcement agencies to deal with the problem. The corporation stated that it is completely cooperating with investigations and that the legal process is in action. Simultaneously, it emphasised its integrity in the platform and in combating internal corruption.

Up to this point, X has not provided details on the number of accounts restored or whether there are any bribes that were able to reach any of the staff. Nonetheless, detectives assume that middlemen were used, which could mean that the scheme was well arranged and planned.

This case is a reminder of the current-day difficulties social media outlets encounter when trying to address crypto-related crime. More specifically, X has been a trendy community among crypto users and merchants. Unluckily, that is what will also attract bad actors.

X Warns of Evolving Scam Tactics Targeting Platform

It is not the initial scam that the platform is being exploited. In 2020, under its Twitter name, hackers breached the accounts of prominent individuals, including Elon Musk, Barack Obama, and Bill Gates, to advertise a scam with Bitcoin. That happened as a result of significant vulnerabilities in account security and access control by staff.

The threat that X is experiencing nowadays is more complex. The external scamming, internal bribery, and cross-platform fraud indicate that malicious actors are adjusting their methods. Scammers are even attempting to beat the system, even with greater security.

X has assured to offer future updates in the course of the investigation. Nevertheless, Elon Musk, who is the owner of the platform, has not yet made any comments on the situation. The users and analysts are looking forward to the way the leadership will avoid such incidents now and in the future.

At the same time, the site is still engaged in its overall drive to eliminate fake accounts, mark deceptive posts, and protect internal systems. These measures are a continuum of the fight to restore user confidence and safeguard the online community since scams are still prevalent on social media.

To sum up, the unveiling of this system of bribery is a wake-up call to the tech sector. Platforms such as X should not ignore keeping the fraud out of their systems, but of the whole online ecosystem.

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