NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Crypto Market Leaders Call For Twitter to Ban ‘Scam Bots’

Nick Chong
Nick Chong
7 years ago
3 mins read
twitter

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Crypto scam bots have become a common sight in the Twitter landscape, with many premier cryptocurrency personalities seeing an influx of fraudulent accounts commenting on their posts. This has become such a large problem that well-known cryptocurrency figures, like Binance’s CEO and Charlie Shrem, have signed an “open letter” calling for these scams to end.

What Are These So-Called ‘Twitter Scambots’?

For those who are unaware, these bots are social media accounts that are created in the guise of a celebrity, an entrepreneur, or a well-known cryptocurrency figure. Some scammers have been known to go above and beyond traditional bots, obtaining the exclusive verified check-mark to make the scam account look even more bona fide.

Once made in the likeness of a target, the bots will begin to infiltrate the comment sections of trending Twitter messages, asking users to send cryptocurrencies to a wallet address, in exchange for a substantially larger payout. Not only does the bot post a misleading comment, but it often enlists the help of other enslaved accounts to engage with the malicious tweet, making it more visible to the public.

Obviously, nothing ever comes of these payments, with many experienced Twitter users realizing that the funds offered are too good to be true. However, some naïve users, new to the crypto sphere or Twitter, have reportedly fallen victim to this method of cybercrime, losing their funds forever.

These bots have become such a widespread phenomenon that Elon Musk, currently the world’s most famous entrepreneur, has even begun to acknowledge their presence, jokingly issuing a tweet regarding the “Etherium scambots.”

I want to know who is running the Etherium scambots! Mad skillz …

— Elon Musk (@elonmusk) July 8, 2018

Kaspersky Labs, a Russian cybersecurity firm, pointed out that this scheme was one of the “social engineering” acts of cybercrime that saw criminals net nearly $10 million last year. This figure attests to the fact that this issue has become prevalent in the community, triggering a discussion on how to counteract this problem.

“End The Hypocrisy, #SaveTwitter”

It has become apparent that cryptocurrency community members, whether influential or not, are sick and tired of this omnipresent issue. Svandis, a crypto analytics community, has become the voice of the community in the fight against these scambots, recently publishing an open letter regarding the issue that was aimed at Twitter.

The letter covers a variety of pressing topics, including the fact that the platform had purged “suspicious and dormant accounts,” but not scambots, along with the hypocrisy that Twitter was taking a part of. Svandis wrote:

“Twitter’s public stance on cryptocurrency and blockchain technologies is inconsistent and ambiguous. At a time when companies and individuals, even not-for-profits intent on educating individuals, are barred from advertising to interested participants via Twitter, it is not just hypocritical, but shameful that the company allows these spam bots and false accounts to exist and rampantly scam users, while spreading misinformation.”

Originally, the letter was only seen by a few eyes, but it started to rapidly gain traction as Binance’s CEO, Charlie Shrem, and Crypto Rand put their stamp of approval on the letter, retweeting the Medium post.

https://twitter.com/cz_binance/status/1019621604584669184

Surprisingly enough, Ethereum co-founder Vitalik Buterin, who was gone as far as to change his Twitter name to “Not giving away ETH,” has not signed the letter. However, Buterin has still been outspoken against these bots, calling for Jack Dorsey, the CEO of Twitter to amend the issue.

I do wish @elonmusk's first tweet about ethereum was about the tech rather than the twitter scambots……..@jack help us please? Or someone from the ETH community make a layer 2 scam filtering solution, please? https://t.co/biVRshZmne

— vitalik.eth (@VitalikButerin) July 9, 2018

The Ethereum co-founder and well-known crypto personality called upon members of the Ethereum community to make a “layer two scam filtering solution,” which may consist of something like a web plugin that automatically hides scam tweets.

Despite holding a positive sentiment regarding cryptocurrencies, Jack Dorsey, the CEO of Square and Twitter, has surprisingly not addressed a problem that is near and dear to a community he appreciates.

Nonetheless, if this open letter gains enough traction, many expect for Dorsey, with the social media handle @jack to eventually address this small, yet dedicated portion of Twitter’s user base.

 

Image from Shutterstock
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

XRP

Panic Or Profit? Analyst Says XRP Below $3 Is A ‘Massive Blessing’

After the brief surge that followed the Ripple lawsuit’s conclusion, traders say momentum quickly faded. Bitcoin slid to around $114,000,...

Christian Encila 6 days ago
wall street pepe launch

Το Wall Street Pepe επεκτείνεται στο Solana – Το WEPE στοχεύει να γίνει το alpha του meme coin epicenter

Το Wall Street Pepe (WEPE) κάνει δυναμική είσοδο στο Solana (SOL), στήνοντας ένα high-frequency meme coin trading desk για τον...

Ιωάννης Ριζόπουλος 1 week ago
crypto altcoin news

Crypto Analyst Reveals Key Altcoins To Watch Right Now

In a market update on August 19 titled “Key Altcoins To Watch Right Now,” crypto analyst Cryptoinsightuk argues that conditions...

Jake Simmons 1 week ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum

Ethereum Captures Investor Frenzy, Overtakes Bitcoin With Nearly $3-B Surge

Christian Encila 6 days ago
bitcoin

More Pain For Bitcoin? Open Interest Surpasses $40 Billion As Longs Crowd In

Ash Tiwari 6 days ago
Crypto

New Crypto Assets Group Backed By Trump Gets Green Light

Christian Encila 6 days ago

Premium Sponsors

Press Releases

  • Seize the XRP Surge: ETHRANSACTION Mining Platform Allows...

    6 days ago
  • Négy altcoin, amely több mint 200%-os növekedési potenciállal rendelkezik|Új történelmi csúcs a Bitcoin árfolyamában

    Négy altcoin, amely több mint 200%-os növekedési...

    7 days ago
  • Cztery altcoiny z potencjałem wzrostu powyżej 200%|Nowe rekordy cenowe Bitcoina

    Cztery altcoiny z potencjałem wzrostu powyżej 200%|Nowe...

    7 days ago
  • HTX Launches 12th-Anniversary Carnival and Embarks on a New...

    7 days ago
  • 仮想通貨 おすすめ:Token6900が急成長、次のビッグミームコイン候補か?

    TOKEN6900 プレセールが220万ドル突破 –...

    7 days ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.