Cryptocurrency Spams Grow By Over 4000% In The Last Few Years

Denis

Last Updated: June 11, 2024 2:20 pm

2 mins read

Cryptocurrency Spams Grow By Over 4000% In The Last Few Years

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Crypto spam activities have increased by 3,894% within the past months. LunarCrush, a cryptocurrency intelligence platform, gave this report in a recent publication.

The report showed considerable growth in the crypto industry with its expansion on social media. It revealed that scam bots and posts within social media networks increased to their All-Time-High (ATH). This report arrived amid the world’s leading billionaire, Elon Musk’s comment on the issue of Twitter being flooded with spambots.

Twitter To Become The Debate For Spam Accounts

Twitter’s would-be owner has severally emphasized the growing presence and influence of cryptocurrency scammers, spambots, and links to phishing websites on the social media network. While others ignored his comments, LunarCrush, a cryptocurrency metrics, and data analysis firm, curated a report concerning the issue.

From the review, we can see that the number of spam crypto entities within Twitter spiraled by over 3,894% from 2019 till now. In addition to that, the report also showed that cryptocurrency spam recorded the highest increasing metric in contrast to every other social metric.

Hub For Cryptocurrency Spams?

Twitter is a leading social media platform worldwide, and several sectors depend on it for announcements, communications, etc. The crypto sector is one sector that essentially uses Twitter to facilitate its practices. There’s even a sub-niche for cryptocurrency, blockchains, NFTs, and others on Twitter.

Therefore, it’s effortless for individuals to open any well-known Crypto Twitter niche and learn anything they need on cryptocurrency.

Besides that, the report from LunarCrush showed that Twitter isn’t left out of the rising crypto spams on social media. It revealed that the volume of spam within the platform increased by over 1,374% within the past two years. Thus, beginners are the most prone to these spambots and their efforts to loot individuals.

Also, another shocking news is that the spam accounts aren’t operated by spambots but by individuals. Thus, from the report, we could see that many people handle one single account or one person handles multiple accounts. Therefore, making it rather difficult for the built-in bot to detect spam within Twitter and penalize them.

LunarCrush CEO Informed Matti Greenspan About The Issue

In his cryptocurrency newsletter, the CEO of LunarCrush, Joe Vezanni, explained to Matti Greenspan, founder of Quantum Economics, on the matter. In the newsletter, he explained that a Web2 website like Twitter receives a direct incentive for acting ignorant to the current fake accounts. Vezanni buttressed that this boosts the platform’s value.

However, Web 3.0 platforms like Orbis are distinguished from the crowd because they make all efforts for genuine accounts.

Featured image from Pexels, chart from TradingView.com

Denis

Denis is a passionate writer and editor and he's been writing in finance industry for almost 6 years.

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