Saturday, March 2, 2024

Crypto Spam Cases Increase 4000% In Two Years: LunarCrush

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Crypto spam cases increase 4000% in two years but the digital scourge ramps up activity daily according to the latest reports by LunarCrush so let’s read more today in our cryptocurrency news.

The crypto intelligence provider LunarCrush revealed spam in the crypto space which increased by 4000% and the company collected crypto-specific social data since 2019 but said it is only spam at an ATH while also being the fastest growing metric on social media. The findings were published in a new report stating that more spam accounts than you could think are actually people so for this reason, it’s often a challenge for the software to detect and flag spam. Twitter is the social media platform of choice for the industry and it is filled with spam and bots, marking an estimated 1,374% increase in the Twitter spam volume in the past two years.

LunarCrus CEO Joe Vezzani told Quantum Economics founder Matti Greenspan:

“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.”

The tokenized Web3 platforms differ in that way that they want to have more genuine users that hold the asset rather than trying to extract value from the community. Billionaire Tesla CEO Elon Musk and his takeover of Twitter was put on hold earlier this month due to further details supporting Twitter’s assertion that spam and fake accounts represent about 5% of the platform’s traffic. Musk aims to crack down on crypto spam bots that plagued the platform and suggested that the company’s claim of 95% genuine users is quite high.

DOGE Surges On Reports, dogecoin, twitter, elon musk
Elon Musk

Purging the bot accounts will drop the number of followers most genuine accounts has and one estimate suggests that Musk can lose half of the 95 million followers. Earlier this month, the software company conducted an in-depth analysis reporting that 20% of the active Twitter accounts were fake or spammers. The crypto spam cases increase so until Musk gets his way and shakes the spammers out of Twitter, the users of the platform and other social media sites will have to be vigilant about the rising tide of scams and spam which none of them seem to have the power to control.

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