Watch out! Dogecoin maker warns of exploding ad scams on social media

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 criticism.

Markus, a major figure in the cryptocurrency world, took to his favorite platform, scam ads. This issue has long been a thorn in the side of crypto users, who have been repeatedly targeted by fraudulent schemes on social media platforms.

Markus’ message struck a chord with the crypto community, which has long been plagued by fraudulent activity on social media platforms. Projects like Shiba Inu and Ripple have consistently warned their communities about these dangers, highlighting the pervasiveness of the problem.

Click here, steal your crypto: the malware threat

The Dogecoin founder’s core argument hinges on the prevalence of ‘malvertising’: misleading advertisements that embed malware designed to steal user data or hijack devices. These malicious tactics not only undermine users’ trust, but also drive them to deploy ad blockers, effectively locking out legitimate advertisers.

Dogecoin: Crypto Scams Get Cunning

In addition to malware, the cryptocurrency world itself has become a fertile ground for elaborate scams. A recent heist, in which a Bitcoin whale lost more than 1,000 BTC, illustrates users’ vulnerability to social engineering and cleverly disguised fraud. This incident highlights the evolving tactics scammers are using within the crypto space.

Dogecoin is currently trading at $0.16. Graphic: Trading view

Building a more secure internet3

Markus’ message serves as a clear call for a multi-pronged approach to tackling scam advertising and building trust in the Web3 landscape. Advertisers must prioritize user safety and eliminate all forms of misleading content. This includes stricter vetting processes and a commitment to ethical marketing practices.

Crypto influencers and project leaders play a crucial role in educating users about common scams and red flags to look out for. Social media platforms like X need to invest in robust detection and prevention measures to root 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 problem 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 deception.

Featured image from Shutterstock, chart from TradingView

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