YEREVAN (CoinChapter.com) — Cryptocurrency scams are not new. They are perhaps as old as the industry. Social media, such as X (formerly Twitter), has provided platforms for scammers to thrive. However, one Reddit user pointed out that such cases have amplified since Elon Musk’s company takeover. 

After Musk took the reigns of the social media giant in August 2022, there was a visible surge in cryptocurrency and NFT scams on the platform. However, now they come with a novel twist: the misuse of Twitter’s blue verification tick.

Before, being verified came with some credibility. This “blue tick” badge of authenticity helped users distinguish genuine accounts from imposters or unofficial ones. 

However, recent changes under Musk’s leadership have altered this landscape. For a small monthly fee of $8, any account can now acquire this coveted blue tick. Thanks to it, scammers are having a field day, shilling any BS in the name of crypto and NFTs. 

Want to buy hacked accounts? They are on sale under Elon Musk’s nose

As the Reddit post points out, some hacker groups are targetting old accounts with a certain degree of history and followers. They then sell these accounts to scammers, who use them to shill projects. 

Unlike recently opened accounts, these seem more genuine and help hide the malicious intent of their new owners. 

“With the new X changes Musk implemented, the group is using aged, hacked accounts to bypass detection and are PAYING for X Ads and PAYING for X verification to get their tweets promoted, hitting hundred of thousands of views and certainly fooling those new to the space,”

 HelloVap alleges. 

According to Hello Vap, there is a possibility that Elon Musk knows about this. However, he looks on the other side “due to the ad revenue they are generating from the scam group.” 

The user also shared screenshots of verified accounts actively shilling projects on X. 

Many users in the comment section agree that Musk is allowing scammers to thrive. As one user pointed out, this concerns dwindling ad profits.

X makes a large chunk of its revenue from advertising. In 2022, the company billed over $4 billion in ads. But these advertisers are moving away. He has already blamed Anti-Defamation League (ADL), a Jewish campaign group, for his losses. 

With decreased revenues, Elon Musk now relies on scammers to fill his coffers. 

“After Muck destroyed Twitter with his shenanigans and advertisers went running for the hills it’s clear he’s accepting ad revenue from anywhere he’ll get it,” 

one comment alleged.

Fake verified accounts shilling cryptocurrency scams are a problem

One cannot argue for certain that Elon Musk condones these fake accounts. However, it is evident that several accounts now bank on the “blue tick” verification to promote crypto and NFT scams.

The development underscores why social media platforms should maintain a delicate balance between business innovation and ethical responsibility.

Fake verified accounts have also tried to shill their projects on CoinChapter’s X profile. Several posts have become a target of automated bots and accounts with the “blue tick.”

Hello, Vap believes scammers use stolen funds to pay for ads that eventually benefit Musk. 

“Think about the morality of this scam and the platform that is allowing it to occur on: Scammed funds are being used to purchase Verification and Ads, to scam more. It succeeds and the group simply uses bots to keep doing it. In a way you can argue that they are laundering their money back into Elons pockets. Uh oh…” 

the post alleges. 

True, Elon Musk has a responsibility towards his investors. A businessman should ensure his company makes as much money as possible. But he is also accountable to the users. People using X should be protected (as much as logically possible) from all these crypto, NFT, and other scams. 

The post Have Crypto and NFT Scams Increased On X After Elon Musk’s Takeover? appeared first on CoinChapter.

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Filed under: Bitcoin - @ November 15, 2023 9:00 pm