Popular investor and creator of Dogecoin, Elon Musk has complained about cryptocurrency fraud on Twitter. He complained about the increasing rate of cryptocurrency fraud while reacting to a post of Dogecoin co-creator, Billy Markus. Billy Markus shared a post of a fraudulent crypto freebie which prompted a response from Elon Musk.
What Elon Musk said
Furthermore, He added that the social platform is obviously toiling to contain the issue for a while. Elon Musk is famous for his strong opposition to cryptocurrency fraud and fraudsters. He always lend his voice against the act even before he established himself as a leading figure in the industry.
At a time, Elon Musk raised alarm about Ethereum Spambots. Last year, He took to Twitter to ridicule fraudsters about Dogecoin after they promise to multiply any proportion sent to them. He made ridicule them by offering a more reasonable offer.
Previous cases of crypto fraud on social media
Additionally, Crypto scams have been a regular topic on social media. In 2020, Musk, Bill Gates, and other notable celebrities were subjects of crypto frauds. The situation records the highest social media scam till today. Statistics by the Federal Trade Commission in 2022, revealed that scammers who imitated Musk bagged over $2million.
Twitter is not the sole social networking that’s battling crypto frauds. Other notable platforms like Facebook, Instagram, and Youtube are struggling with swindlers who imitate Elon Musk. Recently, YouTube accounts suffered attacks from fraudsters who stagged fraud-freebies under a live session of Elon Musk.
However, Crypto has overtly endured somewhat of a turbulent invasion by scammers who target investors due to its lucrative nature. Crypto fraudsters are notorious for hiding under the disguise of celebrities to scam holders of their tokens. In 2021, Crypto Crime reported that crypto fraudsters stole over $14 billion worth of cryptocurrency. The figure is a double portion increment on the recorded $7 billion crypto fraud in 2020.
Twitter has overtly empowered its platform to detect fraudulent activities through spambots detectors. Twitter has championed the defense mechanism of blocking and suspending accounts with suspicious activities. In 2018, Twitter announced guidelines prohibiting any form of crypto ICO advertisements on its platform. Despite the increasing effort by the platform scammers keep devising a way of pulling their tricks. Recently, an anonymous account tried to extort fans of popular Korean Pop groups BTS. Twitter swiftly reacted by blocking the account to prevent further damages.