Key Insights:
• Spam in the crypto space has increased by 4000%.
• Potential owner of Twitter, Elon Musk believes that fake accounts are more than 5%.
• Musk intends to rid Twitter of its spam issues.
With the coming of the internet, people have encountered different types of spam and bot accounts. The crypto industry is no stranger to these issues, as it has to deal with a rising number of bot and spam accounts that are designed to cause havoc.
Data on Crypto Scams from LunarCrush
LunarCrush, a crypto intelligence provider, has disclosed that spam in the crypto space has been on the rise in recent times, increasing by over 4000%. It pegs the increase at a high rate of 3,894%.
The crypto analytics firm has been collating data for several years, starting from 2019, and has noticed that spam is increasing drastically, and it is “the fastest-growing metric on social media.”
The report notes that the reasons for spam and bot accounts are linked to “someone making an attempt at influencing the way you think or someone trying to take something from you.”
As more spam accounts are created, many of them are designed to operate as those operated by real humans, making it difficult to spot them.
The Crypto community has taken a liking to the microblogging social media platform, Twitter, and this has attracted a myriad of bots and spam accounts. LunarCrush believed that the rise of spam accounts on social media platforms is 1,374%.
According to the CEO of LunarCrush, Joe Vezzani in a crypto newsletter,
“For a Web2 platform like Twitter, there is a direct incentive to turn a blind eye to fake accounts because it increases the value of their platform.”
Impact on Twitter’s Acquisition
The CEO of Tesla, Elon Musk had to put a cap on its proposed acquisition of Twitter because of the spam accounts that were available on the social network. The Twitter team claims that the percentage of fake accounts is pegged at less than 5%, and Musk believes that the statistics are far from reality.
Musk stated this on his official Twitter page,
“Twitter claims that >95% of daily active users are real, unique humans. Does anyone have that experience?”
