Alongside genuine innovation and investment opportunities, the crypto space has become a breeding ground for fraudulent schemes, one of which has recently emerged in the form of the ‘X Token’ (formerly Twitter) cryptocurrency scam.
Promising astronomical returns through the pre-sale of a non-existent token, this scam has been falsely linked to influential figures such as Elon Musk and X (Twitter).
Recently, crypto has also been publicised on Facebook, making it even more powerful in terms of sponsorship.
In this article, we will explore the intricacies of this scam, shed light on its modus operandi, offer guidance to potential victims, and provide essential tips to avoid falling victim to similar scams in the future.
The deceptive facade of X Token, the scam with a Twitter name
The perpetrators of the X Token scam have gone to great lengths to create a facade of legitimacy and trustworthiness. Their websites exude professionalism, with the X logo and carefully curated images of Elon Musk.
These sites use manipulative tactics to create a sense of urgency, fear of missing out and the tantalising promise of financial gain.
The central claim of the scam is that X is launching its exclusive cryptocurrency, X Token, which would be available for a limited pre-sale at an enticing price.
Victims are led to believe that they will be able to make substantial profits once X Token is launched on the exchanges.
To further deceive potential investors, scammers use a number of unscrupulous tactics.
Fake celebrity endorsements and affiliations: Fake endorsements from celebrities and influential figures, such as Elon Musk and X (Twitter), are used to lend credibility to the scam.
Fake reviews: Fake reviews and testimonials are posted on fraudulent websites to create the illusion of satisfied customers who would benefit from the pre-sale.
Countdown timers: Countdown timers prominently displayed on websites create artificial pressure by suggesting that the presale opportunity is quickly approaching.
Limited-time bonus token offers: Scammers dangle the carrot of bonus tokens for those who invest early, exploiting the fear of missing the opportunity.
The core of the fraud
The core mechanism of the X Token presale scam is based on manipulating potential victims into sending cryptocurrency payments, such as Bitcoin, Ethereum or Tether, to the scammers.
Victims are instructed to transfer funds to a specified wallet address with the promise that the X tokens will be deposited into their accounts on the scam website. However, this is a scam.
In reality, there are no X tokens, and once the funds have been transferred, victims cannot access their supposed X token balances on the scam website.
The scammers quickly transfer the funds received to their own wallets, leaving victims in the dark and their investments unrecoverable.
Facebook Ads Publications
The ‘X Token’ cryptocurrency scam has cast a dark shadow over the digital currency space, brazenly making its presence felt on Facebook.
This insidious scheme targets unsuspecting potential investors, luring them into a web of deceit with promises of unprecedented wealth. By strategically advertising on the social media giant, the scammers behind the ‘X Token’ scheme are using Facebook’s reach and accessibility to amplify their fraudulent message.
These misleading ads often depict enticing images of wealth and success, enticing people to click and learn more about this supposed investment opportunity. However, what lies beneath the surface is a carefully orchestrated ploy to syphon money from innocent victims.
The Facebook platform, with its large user base and targeted advertising capabilities, is the perfect hunting ground for these bad actors.
They cleverly navigate the algorithms to reach people who may have shown an interest in cryptocurrency or related topics, making the scam appear even more enticing.
When users stumble across these ads, they are drawn into a world of false promises, fake endorsements and fictitious investment opportunities.