Shiba

Dogecoin

Shiba Inu

Dogecoin creator Billy Markus, the internet personality also known as “Shibetoshi Nakamoto,” fired a shot across the bow of social media advertising with a recent critique. 
Markus, a major figure in the cryptocurrency world, took to his favorite platform, X, to express his frustration with the prevalence of <a href="https://www.msn.com/en-ie/money/other/new-sophisticated-scam-emerging-to-target-bank-customers-warns-expert/ar-BB1mKNIR?ocid=finance-verthp-feeds" target="_blank" rel="noopener nofollow">scam ads</a>. This issue has long been a thorn in the side of crypto users, who have repeatedly been targeted by fraudulent schemes on social media platforms. 
Markus’s message struck a chord with the crypto community, long plagued by fraudulent activities on social media platforms. Projects like Shiba Inu and Ripple have consistently warned their communities about these dangers, highlighting the pervasiveness of the problem. 
<h2 data-sourcepos="7:1-7:53" id="strong-click-here-steal-your-crypto-the-malware-menace-strong">Click Here, Steal Your Crypto: The Malware Menace</h2> 
The Dogecoin founder’s core argument hinges on the prevalence of “malvertising” – deceptive ads that embed malware designed to steal user data or <a href="https://www.businessinsider.com/fake-check-job-scam-linkedin-recruiter-verification-tools-2024-5" rel="nofollow noopener" target="_blank">hijack devices</a>. These malicious tactics not only erode user trust but also push them towards employing ad blockers, essentially shutting out legitimate advertisers. 
<blockquote class="twitter-tweet"> 
 dear all websites, 
 we are less likely to block your advertisements if your advertisements don’t pop up malware and other bogus crap 
 it’s your fault that people block ads 
 — Shibetoshi Nakamoto (@BillyM2k) <a href="https://twitter.com/BillyM2k/status/1792406255405027566?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 20, 2024</a>
</blockquote> 
<h2 data-sourcepos="13:1-13:47" id="strong-dogecoin-crypto-scams-get-cunning-strong">Dogecoin: Crypto Scams Get Cunning</h2> 
Beyond malware, the cryptocurrency world itself has become fertile ground for elaborate scams. A recent heist, where a Bitcoin whale lost over 1,000 BTC, exemplifies the vulnerability of users to social engineering and cleverly disguised fraud. This incident highlights the evolving tactics scammers employ within the crypto space. 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/wgx4DX6s/" width="1835" height="883"> Building A Safer Web3 
Markus’s message serves as a clarion call for a multi-faceted approach to tackle scam ads and build trust in the Web3 landscape. Advertisers need to prioritize user safety and eliminate all forms of deceptive content. This includes stricter vetting processes and a commitment to ethical marketing practices. 
<a href="https://bitcoinist.com/crypto-influencers-exposed-following-their-advice-could-cost-you-big-research/">Crypto influencers</a> and project leaders have a crucial role to play in educating users about common scams and red flags to watch out for. Social media platforms like X need to invest in robust detection and prevention measures to weed out scam ads and protect their user base. 
The Dogecoin founder’s message may have been delivered with a dose of internet sass, but the underlying issue is no laughing matter. By working together, advertisers, social media platforms, and the crypto community can create a safer online environment for everyone, paving the way for a future where innovation thrives without the constant shadow of deceit. 
Featured image from Shutterstock, chart from TradingView

Watch Out! Dogecoin Creator Warns Of Exploding Social Media Ad Scams

Table of Contents

Bitcoinist

Other articles published on May 21, 2024

Crypto Mining Company BitFuFu’s Net Income Spikes Over 13X in Q1 2024

Bitget CEO Sandra Lou leaves firm four months after insolvency rumors

Coinbase Bullish on Ethereum? Here Are The Top ERC20 Tokens To Diversify With

Experts Name the Best Altcoins to Combat Economic Crisis: Which Cryptocurrencies Can Secure Your ...

Binance Labs Boosts AEVO Altcoin

Ethereum Surpasses Mastercard’s Market Value

Join our free newsletter for daily crypto updates!