Observed Signal · Oct 18, 2023 · Ad Fraud Incident · Source: Trending Topics · Impact: 3/5 · Sentiment: Negative
Fake X Coin Scam Spreads via Sponsored Ads on X
Fraudulent sponsored posts on Elon Musk's X platform are advertising a fake 'X Coin' cryptocurrency. The elaborate scheme starts with an X ad, leads users to a Telegra.ph blog post, then to xtokenpresale.com and finally to xtokensale.net, where victims are asked to send Bitcoin or Ethereum to unknown wallets. The scam pages use Musk's image and the logos of Tesla, Neuralink, SpaceX, and OpenAI to appear legitimate. X has not launched its own token; Musk said in August 2023 that the platform would not do so due to regulatory hurdles. The fake coin is offered at about $3 per token, with a total supply of 6,475,000, and buyers are promised absurd perks such as WhatsApp investment tips, a Mars flight ticket, and a Neuralink brain chip. The report highlights that X continues to monetize these misleading ads, raising concerns about ad review and platform integrity.
High-profile case of fraudulent crypto ads running on X highlights ad review failures and brand safety risks in social advertising.
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Key Takeaways & Evidence Grounding
- Sponsored posts on X promoted a fraudulent 'X Coin' crypto presale in October 2023.
- The scam funnel used a Telegra.ph blog post, xtokenpresale.com landing page, and xtokensale.net sign-up page.
- Elon Musk had stated in August 2023 that X would not launch its own token due to regulatory hurdles.
- Victims were asked to send Bitcoin or Ethereum to unknown wallets in exchange for the non-existent X Coin.
- The scam promised perks including WhatsApp investment tips, a Mars flight ticket, and a Neuralink brain chip for large purchases.
Connected Companies & Entities
4 Entities mapped“The scam pages use Musk's image and logos of his (former) companies, including Tesla....”
“The ad first leads to a blog post on Telegram's Telegra.ph blogging service....”
“The scam pages also display SpaceX logos....”
“The scam pages communicate with logos of OpenAI as well....”
Ontology Mapping & Concepts
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