Crypto Spam Increases 4,000% in Two Years

    Spam and bots have been ramping up dramatically in the crypto space.

    LunarCrush, a cryptocurrency intelligence provider, reports crypto spam has risen by 3,894% over the past two years. The company has been collecting crypto-specific social data since 2019. The results show that spam is now not only at an all-time high but also growing rapidly on social media.

    The reports were published on May 25, stating that “more spam accounts than you would think are actually people.” For this reason, it’s a hard task for software to detect and flag spam. 

    Spam Volume over the previous 2 years (collected by LunarCrush)

    The giant social media, Twitter, is the most popular platform to be flooded with spam and bots. According to LunarCrush, the amount of spam on Twitter is estimated to have risen by 1,374% over the past two years.

    LunarCrush CEO Joe Vezzani emphasized:

    “For a Web2 platform like Twitter, there is a direct incentive to turn a blind eye to fake accounts because it increases the value of their platform.”

    Tokenized Web3 platforms (such as Aave’s Lens Protocol or Orbis) are different, he added, in that they want as many genuine holders as possible instead of trying to extract value from their community.

    Earlier this month, Elon Musk paused his Twitter takeover, pending details for further support of his assertion that spam and fake accounts represent less than 5% of the social media’s traffic.

    Musk plans to crack down on spam bots that have plagued the platform and suggest that the company’s claims of 95% of real users are exaggerated.

    Deleting bot accounts drop the number of followers on most genuine accounts. One estimate from SparkToro suggested that Musk could lose half of his 95 million followers. Earlier this month, the software company that conducted an in-depth analysis reported that nearly 20% of active Twitter accounts are fake or spam.

    Until Musk finds an efficient way to remove spammers from Twitter, Twitter and other social media users will have to put on full guard for the wave of crypto scams and general spam. 

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