The post Elon Musk’s X Cracks Down on Bribery Network Linked to Crypto Scams appeared first on Coinpedia Fintech News
Social media platform X recently cracked down on a bribery network targeting its platform.
In a post on X, it revealed that “Suspended accounts involved in crypto scams and platform manipulation paid middlemen to attempt to bribe employees to reinstate their suspended accounts.”
The individuals behind these schemes did not limit their activities to X alone. They exploited multiple social media platforms, like Instagram, TikTok, YouTube, Minecraft, and Roblox, to carry out scams and manipulate users.
There were also links between these perpetrators and larger criminal organizations, including a group known as “The Com.”
Legal proceedings against those involved are now underway. The platform stated that it remains fully committed to maintaining safety, integrity, and trust for all users.
Back in July, the FBI warned about “The Com,” an international group also known as “Hacker Com” or “The Community.” It is an international, mostly English-speaking online network, where many of its members are minors, and they engage in a wide range of criminal activities.
High-Profile Hacks in 2024–2025
In 2024, X suspended 5.3 million accounts in the first half of the year. Despite efforts to fight illegal activity, scams remain common on the platform.
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In May 2025, TRON’s X account was hacked in a targeted social engineering attack. In June, the account of venture capital firm Andreessen Horowitz was compromised, while in April, a UK lawmaker’s account was seized to promote a fake Solana token. BBC journalist Nick Robinson’s account was also hacked and used to promote cryptocurrency.
In 2020, hackers took over accounts belonging to Barack Obama, Apple, Uber, and Kanye West to push a Bitcoin scam. Major crypto accounts, including Binance, Changpeng Zhao, and Tron’s Justin Sun, were also targeted.
Rising Crypto Crime
According to a report from Chainalysis, in 2024, illicit cryptocurrency addresses received at least $40.9 billion, with estimates likely rising to around $51 billion once additional addresses and historical activity are accounted for.
Criminals, including international organized crime groups, are increasingly using cryptocurrency to carry out both traditional crimes like drug trafficking and gambling, as well as multiple types of crime at once.
FAQs
Criminals are increasingly using cryptocurrency to conduct various illegal activities, from drug trafficking to gambling, as well as multiple types of fraud, due to its global reach.
In 2024, illicit cryptocurrency addresses received an estimated $40.9 billion, with that number likely rising to $51 billion once additional addresses are accounted for.
