A report from LunarCrush states that spam and crypto scams in the social media world, especially Twitter, have increased 40 times in just two years.
Regarding this condition, Elon Musk, who will become the owner of Twitter, plans to create a way to fight fraudsters and individuals who often do spam, especially related to the marketing of a crypto project.
Crypto Spam and Scams Up 4,000%
Crypto Spam and Scams Up 4,000%
In recent years, spam and scams have become a big part of the internet’s growth. But lately, the increase has seen drastic mainly due to innovation, namely crypto.
Data and analytics company LunarCrush recently made a report regarding this condition where it was noted that spam in the crypto world has increased by 3.894%.
The company has collected data since 2019 and states that spam conditions have drastically improved, even beating fraud.
Published reports state that most spam doesn’t come from bots but real individuals. The discovery was surprising because most spam comes from bots.
According to LunarCrush, spam is not caused by bots; most social media platforms, especially Twitter, have difficulty fighting it.
Using a bot, generally, a platform can find it easily and remove it.
There are many assumptions that this spam stems from the many individuals incentivized to promote a crypto project.
So through the promotion, the individual will create a real account to promote the project several times and create spam.
This research was mostly done on Twitter, as Twitter is currently the primary medium for the latest news and information related to crypto.
Only on Twitter, it was noted that there was a 1.374% increase in spam tweets from 2019 to 2022.
“For a Web 2.0 platform like Twitter, there is an incentive not to respond to spam because it increases the platform’s value,” said the CEO of LunarCrush.
The statement was in response to many spam cases on social media because, according to him, if the platform removed spam, the social media would look deserted and make the platform less good.
So, according to the CEO of LunarCrush, the more crowded, the better, and even if the crowd is due to spam, social media platforms will still be happy.
That reason is one of the assumptions of why a lot of spam occurs.
With regards to fraud, it is not uncommon that crypto continues to experience increasing numbers. In the past year, it was noted that there was an increase in the number of frauds by 79%. In a decentralized sector like crypto, with the help of easily accessible social media, fraud will very often be seen and even grow.
Elon Musk Makes New Plans
Elon Musk, the CEO of Tesla and the individual who just bought Twitter, is rumoured to want to change this situation.
Unfortunately, the purchase is still on hold at this time, mainly because of some discoveries that he considers strange.
One of the findings he doubted about Twitter was the report that 95% of Twitter users were real individuals and not bots.
He thought 95% was too high a number for social media like Twitter, so he decided to set the record straight.
Even so, he will still buy Twitter and try to make new plans regarding the problem of spam bots and scams.
If the plan is implemented, many individuals on Twitter will lose their social media followers, even Elon Musk himself.
Social media research company SparkToro estimates Elon Musk could lose half of his current followers if there were no bots.
SparkToro also has data that 20% of all Twitter users are bots or not actual individuals. This figure is much higher than Twitter’s estimate of only about 5% of all users. For now, this number will likely continue to grow because there are no plans from major social media such as Twitter. So investors must be vigilant when using social media, especially regarding information about crypto.
More News About Crypto : NEWS
Follow our Twitter : https://twitter.com/DinoDapps
