Cryptocurrency stakeholders appeal to Twitter to purge scambots
A consortium of cryptocurrency stakeholders including top exchange Binance implored Twitter to shut down fake accounts and scambots that spread false information on digital currencies. Earlier this month, the social media giant had deleted over 70 million fake accounts, which the stakeholders commended in an open letter.
However, the letter pointed out that Twitter has not been able to fully purge false accounts, as many influential individuals in the cryptocurrency community are forced to submit reports on such accounts daily.
The stakeholders noted that these accounts mimic actual users and spread misinformation about cryptocurrencies, even going as far as to create false giveaways.
Twitter stance on cryptocurrencies “inconsistent”
The letter pointed out that Twitter’s stance on virtual currencies is “inconsistent and ambiguous”, calling the platform “hypocritical” for barring digital currency advertisers yet allowing false accounts to continue scamming users.
“…the inability to fully address spam bots and maliciously false accounts is diluting the power of the platform for all companies, organizations and private individuals involved in the spaces of blockchain technology and cryptocurrency,” the letter stated.
The consortium behind the letter includes Svandis, Binance CEO Changpeng Zhao, crypto wallet Atomic Wallet and crypto exchange ChangeNOW, among others. Svandis is a platform for cryptocurrency trading and investment analysis.
Scambots target crypto big names
The scammers that are currently rampant on Twitter impersonate well-known individuals in the cryptoverse such as Litecoin founder Charlie Lee, Ethereum’s Vitalik Buterin and Zhao. These scammers usually choose Twitter handles that closely resemble the original ones. To differentiate himself from these scammers, Buterin even changed his Twitter handle to Vitalik “Not giving away ETH” Buterin!
Earlier this month, Tesla CEO Elon Musk had tweeted about these Twitter scambots, which led to Buterin requesting Twitter CEO Jack Dorsey to help in weeding out these accounts.
I do wish @elonmusk‘s first tweet about ethereum was about the tech rather than the twitter scambots……..@jack help us please? Or someone from the ETH community make a layer 2 scam filtering solution, please? https://t.co/biVRshZmne
— Vitalik “Not giving away ETH” Buterin (@VitalikButerin) July 9, 2018
Many scambots pose as Binance, with tweets about fake giveaways. Binance had issued an alert in February that scammers were impersonating the official Binance account.
Scammers are impersonating official Binance accounts and tweeting to ask for deposits to specific addresses in return for gifts.
You will lose your tokens if you do this!
Binance will never ask you to send coins directly to any address for any reason.
— Binance (@binance) February 12, 2018
Image via Shutterstock
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