Key Highlights
- X uncovers an employee bribery scheme, where criminals attempted to bribe X employees to reinstate suspended accounts that were being used for cryptocurrency scams
- This incident highlights a massive rise in sophisticated crypto fraud, with victims losing a record $12.4 billion to scams in 2024
On September 19, X (formerly Twitter)’s Global Government Affairs team announced that they had uncovered a network of suspended accounts that had paid intermediaries to bribe company staff.
These accounts were allegedly involved in cryptocurrency scams and platform manipulation. The individuals behind these activities are connected to larger criminal organizations known for various cybercrimes, including SIM-swapping attacks, ransomware, and investment scams that promise unrealistic returns.
X Uncovers Employee Bribery Scheme
The social media platform has revealed a sophisticated operation where criminals attempted to bribe company employees to restore suspended accounts involved in cryptocurrency scams.
This discovery highlights the growing challenge technology companies face in protecting users from increasingly sophisticated financial fraud schemes.
X has responded to this threat with multiple strategies. The company has initiated legal proceedings against those responsible and is working closely with law enforcement agencies to dismantle the criminal networks.
Internally, X is investigating any employees who may have accepted bribes and implementing stronger safeguards to prevent similar incidents in the future. This crackdown is part of X’s broader effort to combat financial scams on its platform, which has been a priority since Elon Musk acquired the company in 2022.
The platform has enhanced its security measures using artificial intelligence to detect suspicious account behavior, such as sudden increases in promotional posts or coordinated bot activity that mimics genuine influencers.
In 2024 alone, X suspended more than 10 million accounts for policy violations, including over 2 million accounts connected to financial scams. The company has also improved its verification processes and introduced tools that allow users to report suspicious cryptocurrency giveaway schemes in real-time.
This situation reflects a larger problem across social media platforms and the cryptocurrency space. According to recent reports, illegal activities involving cryptocurrencies reached $51 billion in 2024, with scams and fraud accounting for nearly a quarter of this amount, approximately $12.4 billion.
This represents a significant increase from previous years and demonstrates the growing sophistication of financial criminals.
The most common scams include “pig butchering” schemes, where criminals build romantic relationships with victims online before convincing them to invest in fake cryptocurrency opportunities.
In the first half of 2025, victims lost nearly $3.1 billion to such tactics, with average individual losses expected to reach $38,000 by year-end. Reports indicate that people between 30 and 70 years old are most frequently targeted, with thousands of cases reported in each age group.
Several factors contribute to the rise of these scams.
The cryptocurrency market’s volatility and excitement attract new investors who may not recognize warning signs. Scammers use social media to promote “high-yield investment programs” that promise unrealistic returns, often using fake testimonials and advanced deepfake technology to appear legitimate.
These schemes frequently span multiple platforms, starting on social media before moving to messaging apps or gaming platforms to reach different audiences.
X has taken a proactive approach to addressing these challenges. Beyond addressing the bribery attempt, the platform has partnered with blockchain analytics companies to track suspicious wallet addresses in real-time and freeze assets connected to scams.
In early 2025, X’s interventions prevented an estimated $150 million in potential losses by blocking hundreds of thousands of fraudulent links. The platform has also launched educational campaigns to help users identify common scam tactics and is testing a “Scam Shield” feature that uses machine learning to automatically filter suspicious messages.
Despite these efforts, challenges remain. Scammers continuously adapt their methods, sometimes impersonating legitimate websites or using sophisticated advertising techniques to reach potential victims.
While community monitoring groups help identify scams, they sometimes mistakenly flag legitimate projects. Broader industry cooperation has shown promise, with some cryptocurrency companies freezing funds connected to illegal activities and implementing emergency measures to stop suspicious transactions.
The impact of these scams extends beyond financial losses. They undermine trust in digital innovation and particularly affect vulnerable populations.
Reports indicate a 40% increase in scams targeting elderly people through cryptocurrency ATMs, where criminals pose as officials to obtain cash deposits. Developing regions, including parts of Africa and Southeast Asia, have been particularly affected by large-scale platform collapses that defraud millions of users.