- Twitter Inc. says it is aware of cryptocurrency manipulation on its platform.
- The company said it is taking measures to stop these manipulations.
Twitter Inc.: It was reported recently that scammers have turned a new and troubling ploy to scam inexperienced and unsuspecting cryptocurrency holders on Twitter by making use of accounts that have been verified by Twitter itself. To this, Twitter main founder Jack Dorsey, stated publicly on Monday Feb 26 that “we discovered this and are fixing the process.”
Twitter has risen to curb this action by joining fellow social media platform – Facebook – in striving to cut down on harmful crypto content spreading on its platform.
A Twitter spokesman, who declined to elaborate further, said Twitter Inc. is aware of these scams and crypto-related manipulation, and is taking measures to “prevent these types of accounts from engaging with others in a deceptive manner.”
The giant social media, Facebook Inc. recently placed a ban on advertisements relating to initial coin offerings (ICOs), cryptocurrencies, and binary options, stating that these ads are associated with misleading and deceptive practices. However, crypto-related ads still find their ways around Facebook.
Twitter Inc. issued this statement in response to an inquiry from Bloomberg as regards the restriction the platform placed on the @Bitcoin handle. For security reasons, Twitter refused to comment on personal accounts. But upon visiting the profile, a warning note appears showing: “Caution: This account is temporarily restricted. You’re seeing this warning because there has been some unusual activity from this account.” However, the @Bitcoin account describes itself as a site for “Bitcoin News, Information and Price Tweets.”
More so, the verified Twitter account that provides Kraken users with customer service stated on Tuesday that it had been barred from the platform for trying to inform its users about the various ways used by thieves to steal digital assets online. Though, Kraken later got its ban lifted off its customer support account.
Jack Dorsey, the Twitter Chief Executive Officer, has also given his word on the issue. In a response to a Twitter comment on March 6 by Emin Gün Sirer, an associate professor at Cornell University, regarding alleged cryptocurrency scams, Dorsey replied “We are on it.”
“Crypto-spam reached untenable proportions recently. It was impossible to discuss any topic without having some spammer jump in, impersonate a crypto-celebrity, and try to collect coins from people with promises of easy gains.”
This action seems to toughen the crack down on cryptocurrency industry. Recently the US SEC said it got a court order to freeze the assets of an alleged initial coin offering scam by AriseBank. On Friday Mark Carney, the Bank of England governor, called for greater regulation to bring the era of cryptocurrency “anarchy” to an end.
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