In a shocking revelation, users of the social media platform Truth Social, founded by former President Donald Trump, are reporting devastating losses due to rampant online scams. Many individuals, particularly older users, have fallen victim to schemes that have cost them thousands, with some reporting losses that soar into six figures.

According to a series of complaints filed with the Federal Trade Commission (FTC) and obtained by Gizmodo, these scams have taken various forms over the past two years, with the platform becoming a hotbed for fraud. Retired users, often referred to as “Boomers,” are particularly vulnerable to “pig butchering” scams—where scammers seduce victims into investing in dubious schemes under the false pretense of lucrative returns.

Victims have recounted how scammers provided access to fake accounts that displayed inflated balances, tricking them into thinking their investments were growing, thereby enticing them to invest even more. “The scammers will create a façade of a growing account, making the victim think they are profiting, when in reality, the money is nowhere to be found,” one report noted.

A harrowing account involved a Minnesota resident in their early sixties, who claimed to have lost a staggering $500,000 to a cryptocurrency scam. After being lured with promises of substantial returns, the individual found themselves inundated with fees and false promises of asset recovery. “After I pay this, they keep saying there won’t be more fees, yet I never received anything,” the victim shared.

Another user, who lost approximately $170,000, initially fell victim to a scam elsewhere but was contacted by someone claiming they could help recover those losses through Truth Social, only to subsequently become a target themselves. Typically, these fraudsters initiate contact on Truth Social and then coax victims to less secure platforms like WhatsApp.

The platform's users have also reported being targeted by romance scams. In a particularly distressing case, a 72-year-old man shared that he lost $21,000 after being swindled by someone he met on the app while seeking companionship. “I haven't told my wife about this blunder. She still doesn’t know,” he lamented in his complaint.

Responding to the allegations, representatives from Trump Media & Technology Group, which operates Truth Social, claim they have a dedicated team focused on identifying and removing scams and fraudulent accounts. They maintain that vigilance is a priority, although the increasing number of complaints raises questions about the effectiveness of their efforts.

This troubling report emerges amid significant leadership changes at Trump Media & Technology Group, including the resignation of its chief operating officer, which comes in the wake of a whistleblower complaint about management practices. As scammers continue to exploit the platform, many users remain in the lurch, desperately seeking justice and reimbursement for their significant financial losses.

With the rise of online scams becoming a pressing issue, it begs the question: How safe are social media platforms in protecting their most vulnerable users? The response to this crisis could shape the future of Truth Social and its reputation among potential users.