Elon Musk’s X targets ‘The Com’ in fight against $2.5B crypto hacks

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Key Takeaways

What crypto scams is X cracking down on? 

Ah, X (formerly Twitter) is on a mission, and it’s not just hunting down trolls. No, it’s zeroing in on a nefarious gang trying to bribe its way back into suspended crypto scam accounts. Classic, right? They think cash will fix everything. Nice try, pal.

Why does X blame ‘The Com’ for being part of the bribery network? 

‘The Com,’ a group so notorious even the FBI’s giving them a side-eye, is at the heart of this criminal mess. This hacking network has been linked to some rather lucrative crypto heists, and apparently, they don’t know when to stop.

In a statement that made waves on September 19th, Elon Musk’s playground (aka X) declared it was locking horns with the “bribery network” that thought it could outsmart them. In the wild, wild west of the internet, these crypto scammers are trying to bribe X’s employees into unsuspending their accounts. Spoiler alert: not happening.

In true Musk fashion, X promised “strong action” against these crypto crooks, who’ve apparently already infiltrated TikTok, YouTube, Minecraft, and Roblox. Because why not ruin everyone’s fun, right?

‘The COM’ and increasing risk of crypto hacks

X dropped the bombshell that this shady network is connected to the infamous ‘The Com’ group. These guys are like the bad boys of the hacking world, always in the headlines for crypto scams. They’re not exactly the Robin Hood types. In fact, they’re more like the “steal your wallet while you’re sleeping” types. 🤷‍♂️

In a much-anticipated move, the FBI raised the red flag about ‘The Com’ back in July, giving a public service announcement for crypto investors. The agency didn’t mince words:

“Open-source information indicates Hacker Com groups are responsible for high-profile attacks and intrusions and have affiliations with ransomware organizations. Cryptocurrency theft is the primary motivator for many Com actors.”

Phishing, ransomware, and shady dealings-that’s their specialty. The group’s composed mainly of English-speaking users who can make you regret clicking on that “free crypto” link.

And of course, we can’t forget about North Korea. You know, the rogue state that exploited Bybit for a cool $1.5B back in early 2025. They’re still lurking in the shadows like the bad guy in every spy thriller. 🕵️‍♂️

Crypto hacks are on the rise, jumping 15% in August alone to $163 million. In fact, we’re talking about over $2.5 billion in stolen funds this year. Cha-ching! 💰 But don’t be fooled, Chainalysis estimates that the actual number of criminal crypto transactions could be upwards of $50B by the end of 2024. Who’s counting, right? The bad guys sure are.

Although criminal flows represent only 0.14% of total crypto transactions, it’s the sheer professionalism of these bad actors that’s worrying. The FBI isn’t just warning us for fun. They’re on to something, folks. 😬

Crypto Twitter under fire

Ah, Crypto Twitter. It’s a thing of legend. On the one hand, it’s where revolutionary crypto ideas are born, and on the other hand, it’s where you can find the most bizarre crypto scams known to humankind. 📲

The scale and influence of Crypto Twitter are undeniable. Legitimate projects get their time to shine, but let’s face it-so do shady promoters and fake influencers. According to Web3 security guru ZachXBT, some X users have been promoting questionable projects without the necessary transparency. How classy. 😏

In response, X has been swinging the ban hammer with gusto. Over 5 million accounts were suspended in the first half of 2024, and more than 460 million spam accounts were purged. Talk about a spring cleaning. 🧹

But, of course, the crypto syndicate isn’t taking this lying down. It’s now fighting back-targeting even X’s employees. Will they succeed? Unlikely, but let’s see if charges will be pressed. Stay tuned, folks, because this saga isn’t over yet. 🚨

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2025-09-20 15:40