Elon Musk has raised issues about the severe problem of crypto scams on Twitter. In recent years, Tesla CEO, Elon Musk, has become the target of scammers, who utilise fake accounts to portray him and trick people into sending them digital currencies such as bitcoin and ethereum.
Typically, scams involved fake accounts including "giveaways", which asked people to transfer digital currency to a digital address to get a more significant amount in return. Earlier in 2018, 'The Independent' analysed that over 400 people gave cryptocurrency worth thousands of dollars to scammers. However, Musk claimed the problem had got even worse than ever.
According to his tweet to 31 million followers, crypto scams on Twitter has reached new heights, and it was not cool. The tweet further read Twitter's Troll/ bot networks were a dire problem that adversely influenced public discussion and ripped them off.
The CEO requested followers to notice any unusual activity as soon as they observe it. This could allow them to prevent such scams. Musk suggested Twitter could learn from Google by decreasing the influence of malicious accounts.
He tweeted that Trolls/ bots required to be deemphasized relative to apparently real people who were not being paid to push a scam or an agenda. The CEO further wrote Google has still displayed bs/ scam pages; they were just many clicks away.
The problem was stated at Twitter's recent employee conference. In the conference, Elon Musk appeared through a video link to reply to Jack Dorsey's question on how the platform could be improved.
Musk announced it would be necessary to distinguish between genuine and fake users to preserve the integrity of Twitter and rebuild trust in its users. He stated how one figure out whether the feedback was genuine or someone was attempting to manipulate the system.
Musk wasn't the only prominent Twitter user who became the target of such scams with several figures within the crypto community also portrayed.
Vitalik Buterin, Ethereum's founder, has consistently asked Twitter to provide a solution, as well as John McAfee, a cryptocurrency advocate. Twitter possessed rules to prevent its users from being represented and claimed to have taken critical steps to avoid scams by implementing several tools.