### Truth Social Users Report Widespread Online Scams, Many Losing Life Savings

Users of Truth Social, the social media platform associated with Donald Trump, have reported significant financial losses due to scams. Complaints submitted to the Federal Trade Commission (FTC) and reviewed by Gizmodo reveal that some individuals were defrauded out of thousands, and in some cases, six-figure sums through various online schemes over the past two years.

The parent company of Truth Social, Trump Media & Technology Group, has been grappling with financial difficulties and declining revenues. A considerable number of the app's users, particularly older individuals with their life savings, have fallen victim to "pig butchering" scams. In these schemes, fraudsters convince victims to invest in fictitious opportunities, showing them fabricated account balances to lure them into investing more money.

One such victim from Minnesota, aged between 60 and 64, reported losing $500,000 after being duped into investing in cryptocurrency. The scammer repeatedly requested additional fees, promising the transfer of the victim's funds to their bank account once the fees were paid. Despite these assurances, the promised assets never materialized.

Other users have similarly shared their experiences. One individual lost $170,000 after being defrauded on another platform, then connecting with a scammer on Truth Social who claimed they could help recover the lost money, only to scam them again. Typically, victims are initially contacted on Truth Social and then directed to other platforms such as WhatsApp.

The platform also appears to be a breeding ground for romantic scams. A 72-year-old man reported losing $21,000 after engaging with a purportedly "beautiful" woman on the app. In his complaint, he noted that he kept this mishap hidden from his wife.

In response to these revelations, representatives from Trump Media & Technology Group claimed they have a dedicated team working to identify and ban fraudulent accounts as soon as they are detected. Despite these efforts, the troubling accounts of scams persist.

Adding to the company's woes, the chief operating officer of Trump Media & Technology Group recently resigned, a move reportedly linked to a whistleblower complaint regarding mismanagement. This resignation closely followed the announcement by a key shareholder of their decision to sell their stake in the embattled company.