Scammers Hijack Social Media Accounts For Crypto Fraud, $2 Billion Lost — How To Protect Yourself

Hackers are taking over social media accounts to promote fake cryptocurrency investments, experts warn as fraud cases rise. (Credit: Photo Credit: Freepik)

Cryptocurrency continues to grow in popularity. At the same time, fraud linked to digital assets is also increasing. Investigators say a rising number of scams now begin on social media platforms such as X, Instagram and Facebook. Hackers gain access to legitimate accounts and then use those profiles to promote fake cryptocurrency investment opportunities.

Because the posts appear to come from trusted individuals, followers often assume the messages are genuine. The fraud only becomes clear after money has already been sent.