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Twitter’s Bitcoin Scam Accounts Will Be Addressed, Says CEO

 2 min read / 

Twitter’s CEO has said it is in the process of addressing the high levels of attempted bitcoin scam accounts on its platform.

Jack Dorsey, who founded the social media company 12 years ago, responded to Twitter user’s complaint that the number of scams on Twitter was “getting out of hand”, by saying “we are on it”.

Following Dorsey’s comment, a spokesman for Twitter said on Wednesday that it is devising measures to cut down the prolific number of scams that are pushed on its platform. One possible option the company has vaunted is banning crypto-related accounts whose posts resemble spam.

Speaking to Bloomberg on Wednesday, the spokesman said Twitter was aware of cryptocurrency-related “manipulation,” and was implementing measures to “prevent these types of accounts from engaging with others in a deceptive manner.” They declined to give any further details.

Many scammers create Twitter accounts that are almost exact replicas of those accounts belonging to high-profile figures within the cryptocurrency world, such as the creator of Litecoin (LTC), Charlie Lee or Vitalik Buterin, the co-founder of Ethereum (ETH). Some have also been able to imitate the small blue “tick” which Twitter uses to guarantee the validity of the account.

Scammers often leave comments that offer free-giveaways if users send a small amount of cryptocurrency to an address. They are often found on posts which have a high-engagement level and then use other fake accounts to like or retweet them so they rise to just beneath the original, and legitimate, post.

Following repeated scam attempts on his post, Vitalik Buterin changed his name to include “No I’m not giving away ETH” in the title, with mixed success…

This comes over a month after Facebook announced it was banning all advertisements for cryptocurrencies and ICOs, effective immediately. On Tuesday, Twitter’s regulators banned the support account for the cryptocurrency exchange, Kraken. The account, which had posted tips and advice for users to avoid being scammed, was reopened the same day.

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