The Center for Countering Digital Hate (CCDH) has called on the likes of Facebook, Instagram, Twitter and YouTube to do even more to tackle the problem.
Imran Ahmed, the CCDH's chief executive, said: "This is an immediate crisis, with a ticking time bomb about to go off in our societies.
"Social media companies ... do not listen to polite requests for change. Given the acute nature of the coronavirus crisis, their failure to act must now be met with real consequences."
In response, Twitter acknowledged it does not take action against every misinformed coronavirus post, but insisted it does prioritize those that could cause the most damage.
The micro-blogging platform explained: "Our automated systems have challenged millions of accounts which were targeting discussions around Covid-19 with spammy or manipulative behaviours."
Meanwhile, Facebook has claimed that it's already taken "aggressive steps to limit the spread of misinformation" about the coronavirus pandemic.
The company said it has removed more than seven million items from its platform.