Deceptive Social Media Marketing Tactics Utilizing Compromised Facebook accounts to Promote Fraudulent Bitcoin investment crimes: Evidence from Sri Lankan Facebook users

Abstract

This research explores the exploitation of compromised Facebook accounts in fraudulent Bitcoin investment promotions, highlighting the intersection of deceptive marketing practices and cybercrime. By employing a qualitative approach, the study gathers data through in-depth interviews and multiple case studies of individuals whose accounts were hacked to promote these scams. Thematic analysis reveals that cybercriminals increasingly exploit social media platforms like Facebook to push Bitcoin investment scams, leveraging cryptocurrency transactions' irreversible and often untraceable nature. The study emphasizes the rising trend of cryptocurrency scams linked to compromised social media accounts and aims to provide valuable insights into the criminal landscape surrounding social media and cryptocurrencies.