Ethereum bots still plague Twitter though 70 mln fake accounts have been suspended 18582
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Chaitanya Thammaya
Jul 17, 2018 at 12:49 PM

The Ethereum scambots have been running rampant on Twitter and other social media platforms. The microblogging site, Twitter, especially seems to be crawling with these crypto Ponzi schemes. Earlier this month, Washington Post reported that the microblogging site had deleted over 70 million fake accounts. But it doesn’t seem like the Twitter purge has helped control the situation!

The Twitter-sphere is still plagued by these ETH scambots pretending to be luminaries from the crypto verse. Recently, the CEO of Tesla, Elon Musk tweeted about these Twitter scambots, which incited a response from the Ethereum founder. Vitalik Buterin, in response to Elon Musk’s tweet, appealed to the founder of Twitter to help fight these scambots.

See Also: $10 Mln in Ethereum Stolen Over Past Year via Social Engineering Tricks: Kaspersky

These phoney accounts advertising cryptocurrency giveaways have made their owners millionaires. Every time someone well-known in the industry posts on Twitter, these fraudsters post comments right under it. These lookalike scammers advertise Ethereum “giveaways” or “airdrops.” And what’s worse is that it’s really difficult to differentiate these scammers because they have the same names and profile pictures as the crypto celebrities and companies.

Here is an example of an Ethereum scambot posing as the leading cryptocurrency exchange Binance. The scammer has posted this in response to a tweet by the founder of Ethereum, Vitalik Buterin.

Ethereum bots still plague Twitter though 70 mln fake accounts have been suspended-BCFocus

The screenshot was taken on 17th July 2018

Note that the scambot uses the logo of Binance in its profile picture. But what gives it away is the twitter handle, Binance’s official handle is @binance. Binance had issued an alert in February that scammers are impersonating the official Binance accounts. In another instance, a Twitter user commented on Charlie Lee’s post stating that he lost 210€. It seems the user became a victim of another of these scambots.

Ethereum bots still plague Twitter though 70 mln fake accounts have been suspended-BCFocus

The screenshot was taken on 17th July 2018

So though these scams are quite obvious, they have managed to dupe several crypto investors. And these impostors have made away with Ethereum worth millions of dollars with their pump and dump schemes.

But, what’s the solution?

So the question that remains is, “What’s the solution to these scambots?” While crypto users need to stay alert and stay away from these scams, there needs to be a viable solution. In his reply to Elon Musk, Vitalik Buterin also requested the Ethereum community to develop a solution. He suggests that they employ layer 2 filtering to weed out the scams.

See Also: Recent transaction spam on the Ethereum network cost up to $15 million: Vitalik Buterin

Samuel C. Woolley, a researcher from a Palo Alto-based think tank thinks Twitter should do more to prevent these scams. He said,

“When you have an account tweeting over a thousand times a day, there’s no question that it’s a bot.”

According to Crypto New Media, several developers are working on cryptographic solutions to weed out these crypto scammers. But the crypto verse needs a solution soon, as even the ban hammer doesn’t seem to be working. The Ethereum scambots are an example because they’re still alive and well considering 70 million fake accounts were deleted. Right now, even with several of them getting the axe, these crypto scammers are mushrooming like Hydra!

Image via Twitter, Cryptocurrency News

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