The crypto industry is gaining traction at an unprecedented rate in the last two years with several new digital currencies joining the crypto space. However, at the same time, this space is plagued with multiple scams, frauds, hacks which are seen spreading like an epidemic bringing down the credibility of the entire crypto industry.
Online social networking giant Twitter has been since long fighting the battle against fraudulent and scam profiles working rigorously to take them down. Earlier this year, in March 2018, following Facebook and Google, Twitter also decided to ban all the cryptocurrency ads in order to control the growing menace. In one of the recent trends, cryptocurrency scam bots have been targeting accounts of high-profile individuals outside the crypto community. Recently, the profiles of business magnate Elon Musk and U.S President Donald Trump have been on the radar of the scam bots.
These scam bots create a clone profile of famous personalities pretending to be them while copying the profile image. Then scam bots try to trick naive crypto investors and new players by commenting on the popular tweets and luring them with lucrative Bitcoin an Ethereum giveaways.
The latest Ethereum scam bots on Twitter have drawn the attention of business tycoon Elon Musk which made him curious to know who is running them. While replying to a Tweet, Elon Musk said:
“I want to know who is running the Etherium scambots! Mad skillz …”
Having seen Musk talking about Ethereum, Vitalik Buterin – the co-founder of Ethereum was quick to respond to him. Buterin tweeted:
“I do wish Elon Musk first tweet about ethereum was about the tech rather than the twitter scambots……..”
He further sought the help from Twitter founder and CEO Jack Dorsey to provide a solution to this matter. Buterin also said that a developer from the Ethereum community will help towards developing a second layer scam filtering solution. Buterin wrote:
“@jack help us please? Or someone from the ETH community make a layer 2 scam filtering solution, please?”
Experts have continuously warned new players that they must do thorough study and research at their end in order to avoid falling to such fraudulent giveaway schemes. However, it has been found that new users, time and again, fall to such scam schemes where there is no reverse transaction possible.
Earlier this year in March 2018, Cornell professor Emin Gun Sirer said that things are getting out of hand and criticized the Twitter development for their inability to handle this menace. Sirer said:
“These scams are getting out of hand. Jack, Twitter, if you can’t detect this kind of brazen scam, what hope do you have of improving your platform?”
Jack Dorsey gave a very simple response to this:
“We are on it.”
But it seems like four months down, the situation has only worsened.
Last year in November 2017, reports emerged of Elon Musk being the hidden face behind the identity of Satoshi Nakamoto, the Bitcoin creator. However, no further evidence could be made available for this.