Twitter Trying to Crackdown on Crypto Scams; Hit and Miss so Far

Twitter might start banning cryptocurrency-related accounts that resemble spam, a company representative said. However, sometimes it ignores scams while prohibiting anti-scam fighters.

As we reported earlier, Twitter plans to come with specific measures to cut down on suspect content. A company spokesperson told Bloomberg that Twitter was informed about cryptocurrency manipulation and was acting accordingly. However, it seems that there were instances when Twitter’s approach went wrong. Crypto exchange Kraken announced on Tuesday that its verified account, which served customer support, had been banned from the social media platform.

In fact, @krakensupport simply warned its customers against scams and informed about the different ways scammers are stealing cryptocurrencies online. For example, on February 21, the Kraken support team came with a warning:

Fortunately, Twitter reactivated Kraken’s customer service account shortly afterwards.

Ironically, right below Kraken’s Tweet, complaining about their support account ban, one could easily note scammers trying to look for victims. An allegedly fake account called @krakenfizx, which is still live, commented:

“То kееp things fun wе’vе alѕо dеcidеd tо hоld a givеawaу fоr 5000 ЕТΗ. То participatе, just ѕend 0,6-5,0 ЕТΗ tо our addrеѕѕ bеlоw tо gеt 6-50 ЕТΗ on yours.”

Twitter CEO Jack Dorsey gave signs that he would handle the potential scams. Cornell University professor Emin Gün Sirer challenged the platform by Tweeting:

“These scams are getting out of hand. @jack, @twitter, if you can’t detect this kind of brazen scam, what hope do you have of improving your platform?”

Sirer included a link to a Twitter account that seemed to be a scam, and it was already suspended at the time of writing.

Dorsey replied to Sirer’s tweet with the comment: “We are on it.”

Sirer told Bloomberg why he was keen to intervene:

“Crypto-spam reached untenable proportions recently. It was impossible to discuss any topic without having some spammer jump in, impersonate a cryptocelebrity, and try to collect coins from people with promises of easy gains.”

Vitalik Buterin, the co-founder of Ethereum, is also having hard days with scammers on Twitter. He even changed his account name from Vitalik to “Vitalik ‘No I’m not giving away ETH’ Buterin” to fight the scams.

He commented below one of his tweets: “Reminder: anyone offering ETH in response to this tweet is a scammer,” and went on “Or BTC. Or BCH. Or DOGE. Or Wild Beast Block. Yall are getting nothing.”

At the end of January 2018, Facebook, the largest social media platform, announced its decision to ban ads related to cryptocurrencies, initial coin offerings, and binary options. Twitter however, is the cryptocommunity’s social network of choice, and it is in the platform’s own interest to clean things up and retain the community.

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