10 Things in Tech: Insta crypto scams

Happy Friday, readers! Today we're taking you inside scammers' latest social media trick, and showing you Snap's newest product: a selfie drone.

Let's get started.

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1. Scammers are impersonating influencers to lure followers into shady crypto schemes. By creating accounts with an influencer's name, profile photo, and content – including pictures of their family and children – scammers trick fans into thinking they're engaging with a genuine account. Then the scammers set about swindling fans.

• Insider spoke with eight creators that post about personal finance, investing, and crypto, who said the new trend has been rampant on YouTube and Instagram — and that neither platform has done much to stop it.
• "Instagram really could do a better job at helping," one personal finance influencer said.
• Some fake accounts have copied the influencer's page so accurately that it's hard to decipher which account is real, and creators said it was having a negative impact on their business, as well as their followers.

Inside social media's growing problem with crypto scams.

In other news:

2. The week of tech earnings continues. While Amazon posted its first quarterly loss since 2015, Apple reported one of the best quarters of its 46-year history.

3. Tech workers are scoring higher salaries by jumping companies. Four workers who took advantage of the "Great Resignation" explained how they doubled their salaries to up to $400,000 by switching firms. Read their advice on how to do it.

4. Elon Musk just won a lawsuit that accused him of bailing out his cousins' solar company. A judge ruled Musk did not act unlawfully when Tesla bought solar-panel company SolarCity — a big win for Musk, who would have been on the hook for more than $2 billion if he'd lost. Get the latest on the lawsuit.

5. Mark Zuckerberg said more workers leaving Facebook will "make us a better company." During a conference call with analysts, Zuckerberg acknowledged that more workers are leaving Facebook — but said it's not a bad thing. He also said he's "slowing the pace" of investment in new projects, including the metaverse.

6. Weight-loss app Noom is laying off hundreds of coaches. The company let go of 180 coaches on Thursday and plans to lay off 315 more over the next few days — totaling about 25% of its 2,000-person coaching staff. What we know so far.

7. We break down the real reason Bolt got sued by a big customer. Authentic Brands Group, which owns brands like Forever 21 and Reebok is suing Bolt — and is actually fighting for an ownership stake in the company. Behind the explosive lawsuit facing the checkout startup.

8. Twitter admitted to exaggerating users for years. In what could be its last earnings report as a public company, Twitter said it overcounted some users between 2019 and 2021, according to Axios. Here's the latest.

Odds and ends:

9. Snap just announced its mini flying drone. Per The Verge, the $230 drone, which is small and light enough to fit in a pocket, can follow its owner while shooting footage and then send the video back to Snapchat. See the mini drone, Pixy, here.

10. We compared electric SUVs from Kia and Hyundai. Insider's transportation reporter tested the Kia EV6 and Hyundai Ioniq 5, each of which costs about $40,000 — but he'd choose the Ioniq 5 in a heartbeat. Why it was the clear winner.

The latest people moves in tech:

• Twitter's former security chief, Michael Coates, will be the CEO of a new security unit of Web3 platform CoinList.
• Google Cloud vice president Oliver Parker will join Okta in May.
• Cristina Cordova is First Round Capital's newest partner investing in seed stage companies.

Event invite: Join us on May 9 at 1 p.m. ET for a panel discussion on breaking into tech without experience and finally landing that six-figure salary. Register here.

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Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Michael Cogley in London.