X Tackles Crypto Bribery Network Linked to $2.5B Hacks
X Targets Crypto Bribery Network Amid Rising Hack Concerns
X, the social media platform formerly known as Twitter, has announced a firm stance against a 'bribery network' connected to ongoing crypto scams. The platform alleges that suspended accounts are attempting to bribe employees for reinstatement, promising strong action against the syndicate. This network has reportedly infiltrated other platforms like TikTok, YouTube, Minecraft, and Roblox.
Key Points:
- Crypto Scams: X is targeting a network attempting to bribe employees to reinstate accounts suspended for crypto scams.
- 'The Com' Connection: X points to a connection between the bribery network and 'The Com,' a hacking group flagged by the FBI for large-scale crypto heists.
'The Com' and the Escalating Risk of Crypto Hacks
X's statement highlights the increasing threat of sophisticated hacking groups like 'The Com.' The FBI issued an alert in July, warning crypto investors about the group's tactics:
"Open-source information indicates Hacker Com groups are responsible for high-profile attacks and intrusions... Cryptocurrency theft is the primary motivator for many Com actors."
These groups employ various methods, including phishing, to steal identities and crypto funds. The rise in such activities is alarming, considering that year-to-date stolen funds have surpassed $2.5 billion.
Chainalysis data suggests that illicit activities in crypto could be even higher, with approximately $40 billion flowing through criminal addresses in 2024, potentially exceeding $50 billion.
Crypto Twitter Under Scrutiny
Crypto Twitter remains a significant platform, but it's also susceptible to abuse. Web3 security analysts have pointed out instances of undisclosed promotions and misleading information. X has taken steps, suspending over 5 million accounts in the first half of 2024 and removing over 460 million spam accounts.
X's recent actions suggest that the platform's aggressive account suspension policy has impacted the crypto syndicate, leading to bribery attempts. The outcome of this situation remains to be seen.
For platforms looking to combat such illicit activity, blockchain security firms such as Codeum provide audit services and KYC to help improve the security and transparency of on-chain operations.