For years, crypto scam ads have been a persistent problem on social media platforms like Facebook and X (formerly Twitter). These ads promise unsuspecting victims riches but deliver financial losses instead. Despite efforts to stop them, these ads continue to proliferate, often using false celebrity endorsements and mimicking legitimate news sites to appear credible.

The issue has led to lawsuits from high-profile individuals whose names and images have been used in these scams. Martin Lewis, a British journalist and financial expert, sued Facebook in 2018 for defamation and reached a settlement that included a donation to a project aimed at reducing scams. However, the problem persists, with Australian billionaire Andrew Forrest also taking legal action against Meta (Facebook's parent company) for profiting from these ads.

The scam ads often use sophisticated tactics to evade detection, redirecting users to fraudulent sites. The problem has become so severe that it has rendered X "borderline unusable" at times. The crypto industry's reputation suffers as a result, making it harder to gain public trust..

To combat this issue, regulators may need to impose harsher penalties on social media companies that fail to protect their users. Artificial intelligence tools could also be used to track down and remove these ads more efficiently. Until then, the problem is likely to worsen, with users urged to remain vigilant and report any suspicious ads.