Twitter/X users are reporting an increase in malicious ads promoting cryptocurrency scams. These ads lead to fake airdrops, crypto drainers, and other fraudulent schemes. BleepingComputer reports that X, which claims to show ads based on a user’s activity, is displaying an endless stream of these malicious ads, many of which are designed to drain the victim's crypto wallet.

Im not lying when I say EVERY single ad I am seeing on @X is a scam link targeted at crypto to drain peoples wallets. @elonmusk my dude; I appreciate your tenacity and straight shooting, but this is a monumental fail of the most epic proportions. People are losing ALOT of money.

— Guido™️ (@GuidoDisalle) January 3, 2024

Petition to have Twitter fix their ad review process.

All I see are crypto scams…

— Josh (@joshistrading) January 2, 2024

The situation has become so severe that Community Notes are now being added below the ads to warn users that they are scams. MalwareHunterTeam has posted screenshots of some of the ads, noting that many of them are being shared by verified accounts on the platform. These are users who have decided to pay $8 a month for X Premium or $16/month for Premium+.

Many users have expressed concern about the volume of these ads, suggesting that X does not have a thorough vetting process for reviewing ads before displaying them to the public. It is possible that X is holding on to these advertisers due to the loss of several of its more prominent advertisers late last year. In November, The New York Times estimated that X could lose up to $75 million in revenue by the end of 2023 after large advertisers, including Apple, IBM, and Disney, paused their advertising campaigns on the platform. This was after X owner Elon Musk endorsed an antisemitic conspiracy theory on the platform, causing outrage among many users.

I clicked on 10 crypto Twitter ads. All 10 were scams. https://t.co/S2jhJCbomf— André Beganski (@andrebeganski) January 5, 2024

Before the incident, many advertisers had already left the platform due to Musk's changes, which included cutting back on content moderation and selling access to verified status. It is unclear if X has implemented any changes to address the current issue with crypto scam ads.

To stay safe from these scams, users are advised to be cautious when clicking on ads and to never give out their personal information or send cryptocurrency to unknown entities. It is also recommended to use an ad blocker or to report any suspicious ads to X.