Spam and bots have plagued anyone using the internet for years, but recently this digital plague has dramatically increased activity in t...
Spam and bots have plagued anyone using the internet for years, but recently this digital plague has dramatically increased activity in the crypto industry.
Crypto intelligence provider LunarCrush revealed that spam in the cryptosphere has increased by 3,894%. The firm has been collecting crypto-specific social data since 2019 and says not only is spam at an all-time high, but it’s also “the fastest growing metric on social media.”
The results were published on May 25 report, stating that “more spam accounts than you think are actually people”. For this reason, it is often difficult for software to detect and report spam.
Twitter is the social media platform of choice for the crypto industry, and it’s inundated with spam and robots. According to LunarCrush, there has been an estimated 1,374% increase in Twitter spam volume over the past two years.
LunarCrush CEO Joe Vezzani told Quantum Economics founder Matti Greenspan in his crypto newsletter:
“For a web2 platform like Twitter, there is a direct incentive to turn a blind eye to fake accounts as it increases the value of their platform.”
Tokenized Web3 platforms (such as Aave’s Lens Protocol or Orbis) differ in that they want to have as many genuine users as possible holding the asset rather than trying to extract value from the community, he added.
The sensational takeover of the platform by billionaire Tesla CEO Elon Musk has been set up hold earlier this month pending further details supporting Twitter’s claim that spam and fake accounts account for less than 5% of the platform’s traffic.
Musk plans to crack down on the spambots that have plagued the platform and suggests the company’s claim of 95% genuine users is too high.
Twitter claims that >95% of daily active users are unique real humans. Does anyone have this experience?
— Elon Musk (@elonmusk) May 17, 2022
Purging bot accounts would drop the number of followers that most genuine accounts have. An estimate from SparkToro suggested that Musk could lose half of his 95 million followers. Earlier this month, the software company conducted an in-depth investigation analysis reporting that nearly 20% of all active Twitter accounts are fake or spammers.
Related: Elon Musk’s ‘top priority’ for Twitter includes reducing crypto scam tweets
Until Musk gets his way and shakes the spammers off the Twitter tree, users of the platform and other social media sites will need to be extremely vigilant against the rising tide of crypto scams and spam that none of them seem to have the power to control.
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