According to a recent report from crypto intelligence firm LunarCrush, crypto spam has witnessed a spike of about 4000% in the past two years.
Spam in the cryptosphere has surged by 3,894%, according to crypto intelligence service LunarCrush. 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.”
According to the findings, “more spam accounts than you would expect are genuine people,” according to a report released on May 25. As a result, detecting and flagging spam are often difficult for software.
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 percent 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.
Elon Musk, the billionaire Tesla CEO, put his controversial takeover of Twitter on hold earlier this month, pending 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% genuine users is exaggerated.
The number of followers on most real accounts would decrease if the bot accounts were removed. According to one estimate by SparkToro, Musk might lose half of his 95 million followers.
The software business conducted in-depth research earlier this month, concluding that over 20% of all active Twitter accounts are bogus or spammers.
Users of Twitter and other social media sites will have to be particularly careful about the swelling stream of crypto frauds and spam that none of them appear to have control over until Musk gets his way and shakes the spammers out of the Twitter tree.