The digital plague of spam and bots has recently surged in crypto activity. According to research released on May 25, “more spam accounts than you would expect are genuine individuals”. As a result, detecting and flagging spam is typically difficult for software. LunarCrush, a crypto intelligence service, has remarked that crypto spam has surged in the crypto ecosystem by 3,894%.
Since 2019, the company has been collecting crypto-specific social data, and claims that spam is not just at an all-time high, but also “the fastest increasing measure on social media.” The crypto industry’s preferred social media channel is Twitter, which is flooded with spam and bots. According to LunarCrush, the volume of spam on Twitter has increased by 1,374% in the last two years.
In his crypto newsletter, LunarCrush CEO Joe Vezzani informed Quantum Economics creator Matti Greenspan:
“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 systems (such as Aave’s Lens Protocol or Orbis) vary in that they desire as many real users as possible to own the asset rather than attempting to take value from the community, he explained.
Tesla CEO Elon Musk put his controversial takeover of Twitter on hold earlier this month, seeking more evidence to back up Twitter’s claim that spam and bogus accounts account for less than 5% of the platform’s traffic.
Musk intends to combat spam bots that have plagued the network, implying that the company’s estimate of 95% real users is exaggerated. The number of followers on most real accounts would decrease if the bot accounts were removed. The software business conducted an in-depth research earlier this month, concluding that over 20% of all active Twitter accounts are bogus or spammers.
Until Elon Musk takes over twitter and shakes the spammers out of the Twitter tree. Twitter users and other social media sites will have to remain extra cautious about the growing torrent of crypto scams and spam.