X Cracks Down on Bribery Network Linked to Crypto Scams
X, the social media platform owned by Elon Musk, announced on September 19, 2025, it has taken strong action against a bribery network tied to crypto scams. The company revealed that suspended users involved in cryptocurrency scams tried to bribe employees to reinstate their banned accounts. These users paid middlemen to carry out the bribery attempts.
The offenders were connected to larger criminal groups, including one called “The Com.” They operated across multiple platforms such as Instagram, TikTok, YouTube, Minecraft, and Roblox. X is fully cooperating with law enforcement as legal actions begin.
Crypto Scam Networks Spread Across Platforms
Crypto scams are widespread on many social media platforms. X faces significant challenges alongside Telegram and Discord. Despite efforts to improve moderation, scams continue to harm trust in the crypto community.
X’s popularity among crypto users makes it a key target for fraudsters. The bribery scandal emerged as Sam Bankman-Fried’s X account showed unusual activity. His account, inactive for months, suddenly started following other users. This sparked speculation about his possible involvement or early prison release.
However, no official confirmation of Bankman-Fried’s release exists. The FTX bankruptcy process is ongoing, with another creditor payout scheduled for September 30. Wallets linked to Alameda Research still receive Solana funds, which are used for settlements, not trading.
Growing Concerns Over Financial Fraud
The problem extends beyond social media. A recent House Financial Services Committee hearing highlighted the increasing sophistication of fraud. Experts warned that over 75% of cybercrime stems from scams and social engineering.
- Ian Bednowitz from LifeLock said fraud is growing “at an exponential pace.”
- Paul Benda of the American Bankers Association noted fraudsters use generative AI and traditional check theft.
Banks and regulators face a complex battle against coordinated criminal groups. This case shows how fraudsters exploit weaknesses in digital platforms. Users are advised to stay vigilant, question unusual activity, and verify accounts carefully.
