Encrypted spam up 4000% in two years: LunarCrush

Spam and bots have been the bane of anyone using the internet for years, but recently this digital scourge has greatly increased activity in the crypto space.

Crypto intelligence provider LunarCrush has revealed that spam in the crypto space has increased by a staggering 3,894%. The company, which has been collecting cryptocurrency-specific social data since 2019, said that not only is spam at an all-time high, but it’s also “the fastest growing metric on social media.”

The findings were published on May 25 Reportstating that “more spam accounts than you might think are actually people.” As a result, software detecting and flagging spam is often a challenge.

The amount of spam collected by LunarCrush in the past 2 years

Twitter, the social media platform of choice for the crypto industry, is flooded with spam and robotAccording to LunarCrush, the amount of Twitter spam has increased by an estimated 1,374% over the past two years.

LunarCrush CEO Joe Vezzani tells Quantum Economics founder Matti Greenspan on his cryptocurrency communication:

“For Web2 platforms like Twitter, there is an immediate incentive to turn a blind eye to fake accounts because it adds to the value of their platform.”

He added that tokenized Web3 platforms such as Aave’s Lens protocol or Orbis are different in that they want to let as many real users as possible hold the asset, rather than trying to extract value from the community.

Billionaire Tesla CEO Elon Musk’s blockbuster takeover of the platform is staged catch Twitter’s claim earlier this month that spam and fake accounts account for less than 5 percent of the platform’s traffic is pending further details.

Musk plans to crack down on the spam bots that plague the platform, and hinted that the company’s claims of 95 percent of real users are too high.

Clearing bot accounts will reduce the number of followers on most real accounts. One estimate by SparkToro suggested that Musk could lose half of his 95 million followers.Earlier this month, the software company went deep analyze Almost 20 percent of active Twitter accounts are fake or spammers, the report said.

related: Elon Musk’s ‘top priorities’ for Twitter include reducing crypto scam tweets

Until Musk manages to drive spammers out of Twitter, users of the platform and other social media sites will have to react to the rising crypto scam And spam, they all seem incapable of controlling.

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