View Markets Data →
Blockchain News

Twitter prepares to crack down on cryptocurrency scam accounts

Twitter has begun to take action against reported cryptocurrency scam accounts to safeguard the interests of its community.

Social media giant Twitter looks set to follow in the footsteps of its fellow digital services by launching a new crackdown on cryptocurrency scam accounts – a move which has both been met warmly and with skepticism by its community.

Responding to a tweet by Cornell professor Emin Gün Sirer, CEO Jack Dorsey has addressed the rampant number of cryptocurrency scams using Twitter’s services to ensare new victims – and accordingly quipped ‘we are on it’.

A number of cryptocurrency-related accounts have now either seen their operations limited on the service or have been the focus of an outright account ban.

The move, however, has been far from flawless. Cryptocurrency exchange Kraken saw its support team’s accounts restricted despite its attempts to warn its consumers of visible copy-cat scams present on the platform.

The exchange’s support accounts were later reinstated to full capability after Dorsey’s account drew ire from disgruntled community members.

The move has further affected individuals tied to the broader cryptocurrency ecosystem; influencer Brooke Maller (@bitcoinmom) saw her account ‘shadow banned’, wherein readers were unable to access her account despite her having full access to her profile as usual.

Further abroad, Twitter users further complained that accounts mentioning Ripple’s XRP token were unceremoniously banned.

Restoring order on social media

In January this year, Facebook made the shock move to ban all cryptocurrency advertisement on its core platforms. The move means that no advertiser – whether legitimate or not – will be able to issue promotions for cryptocurrencies such as Bitcoin, or punt new Initial Coin Offerings.

Rob Leathern, head of product management at Facebook, elaborated in an official blog post – writing that “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices. We will revisit this policy and how we enforce it as our signals improve.”

Fraudulent cryptocurrency operations remain a bane for established internet giants; earlier this year, Google’s DoubleClick ad platform was hijacked and used to distribute mining malware to tens of thousands of computers around the world.

Have your say!

What are your thoughts? How could social media giants effectively safeguard their users from cryptocurrency scams while promoting free speech? Be sure to let us know on Twitter – join the conversation @coininsidercom!