X Uncovers Bribery Ring Behind Crypto Scams
TL;DR Breakdown
- X uncovered a bribery ring tied to crypto scam.
- Intermediaries paid employees to restore banned accounts.
- The network spanned Instagram, TikTok, YouTube, Minecraft, and Roblox.
X (formerly Twitter) exposed a bribery ring that attempted to manipulate its account restoration process. The company said suspended accounts tied to crypto scams and market manipulation paid intermediaries to bribe employees to restore their profiles.
The network wasn’t limited to just X. According to Elon Musk’s social media platform, the same actors operated across Instagram, TikTok, YouTube, and even gaming ecosystems like Minecraft and Roblox. X said the perpetrators are connected to a wider cybercriminal syndicate known as “The Com.” However, Law enforcement has previously linked them to SIM-swapping and ransomware operations.
“The integrity of our platform is absolute,” X said in its statement. It noted that legal action is already underway and the company is cooperating with investigators. Musk has not yet publicly commented.
The revelations come as regulators warn that crypto scams are taking different shapes alongside market enthusiasm. A recent report from the North American Securities Administrators Association (NASAA) said fraudsters are using social media and artificial intelligence to impersonate credible investment firms.
“Fraudsters often exploit the buzz that comes with innovation and technology,” NASAA said. The regulator warned that the surge of interest in digital assets has created fresh opportunities for bad actors.
Crypto Fraud May Accelerate in 2025
Such scams usually spike when the crypto market is running high with bulls’ efforts. The total digital assets market recently breached the $4 trillion mark. Bitcoin price is up by 24% on a year-to-date (YTD) basis while Ethereum is up by 34% in the same period.
Political tailwinds are on of the major factor behind the positive momentum. US President Donald Trump’s promise to the creation of a “Crypto Strategic Reserve” dragged everyone’s interest already. Meanwhile, the Securities and Exchange Commission (SEC) launched a dedicated Crypto Task Force led by Commissioner Hester Peirce.This group will host public roundtables to shape a clearer framework for digital assets. This comes in after criticism faced by prior SEC leadership.
Federal authorities have already seized millions in crypto tied to a romance scam that defrauded victims Prosecutors said scammers exploited psychology and blockchain complexity to siphon life savings. The FBI’s latest IC3 report shows US crypto fraud losses surged 66% in 2024 to $9.3 billion. Individuals aged 60 and older suffering the heaviest impact. Despite crackdowns like “Operation Level Up,” experts warn scams could accelerate in 2025. This mostly fueled by AI-driven cybercrime and global illicit flows.
