Encrypted spam activity has increased by 3,894% over the past few months. Cryptocurrency intelligence platform LunarCrush gave the report in a recent publication.
This Report The cryptocurrency industry has seen considerable growth as it expands on social media. It shows that scam bots and posts in social media networks have reached an all-time high (ATH).This report comes after world-leading billionaire Elon Musk Comment Question about Twitter being flooded with spam bots.
The debate over Twitter becoming a spam account
Potential owners of Twitter have repeatedly highlighted the growing presence and influence of cryptocurrency scammers, spammers, and links to phishing sites on social media networks. While others ignored his comments, crypto metrics and data analytics firm LunarCrush curated a report on the issue.
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As we can see from the comments, the number of spam encrypted entities in Twitter has increased by over 3,894% from 2019 to the present. In addition to this, the report also shows that crypto spam has the highest growth metric compared to all other social metrics.
The epicenter of cryptocurrency spam?
Twitter is the world’s leading social media platform, and multiple industries rely on it for announcements, communications, and more. The crypto industry is one that basically uses Twitter to promote its practice. There are even segments on Twitter for cryptocurrencies, blockchain, NFTs, and more.
Thus, individuals can effortlessly open any famous Crypto Twitter niche and learn anything they need about cryptocurrencies.
Beyond that, a report from LunarCrush shows that Twitter isn’t being left out of the growing crypto spam on social media. It shows that the volume of spam within the platform has increased by more than 1,374% over the past two years. Therefore, beginners are most vulnerable to these spam bots and their efforts to prey on individuals.
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Also, another shocking piece of news is that spam accounts are not run by spam bots, but by individuals. So, from the report, we can see that many people handle one account or one person handles multiple accounts. Therefore, it is difficult for built-in bots to detect and penalize spam in Twitter.
Matti Greenspan was briefed on the issue by LunarCrush CEO
in his cryptocurrency communicationLunarCrush CEO Joe Vezanni explained this to Matti Greenspan, founder of Quantum Economics. In the newsletter, he explained that Web2 sites like Twitter are directly incentivized by being ignorant of current fake accounts. Vezanni said this increases the value of the platform.
However, Web 3.0 platforms like Orbis are different in that they go to great lengths for real accounts.
Featured image from Pexels, chart from TradingView.com