Crypto intelligence firm LunarCrush claims in a new report that spam activities around the crypto sector have risen by a whopping 3,894 percent recently. Describing email as the ‘fastest growing metric’ on social media, the report noted that scam posts and bot accounts targeting the crypto community have reached an all-time high. LunarCrush’s findings come at a time when Tesla boss Elon Musk has been addressing the issue of Twitter hacking by spam bots in the public eye.
The report highlighted that a large portion of spam accounts on social media are real people, which is why the software fails to detect and flag spam on the Internet.
“Every bot is created by a human. More spam accounts than you actually think are people. This is why it’s so difficult for a bot that was written to detect spam, to actually catch spam,” Lunar Crash noted. It takes a little effort for even the least technically savvy to beat a bot trying to stop them on their mission.
The recent rise of bots and scams is linked to the industry competition that has erupted in the Web3 sector.
According to aggregated data, the volume of Twitter spam has increased by 1,374 percent in the past three years.
“It boils down to two simple things, someone trying to influence the way you think or someone trying to take something from you. The results reflected that someone organized and exploited a large group or many large groups anywhere the cost-benefit ratio allowed, which often What are low income areas?
Unfortunately, due to the lack of awareness, members of the crypto community have been exposed to more spam via social media as internet adoption escalates worldwide.
Social interaction with spam posts is up over 920 percent on public platforms.
YouTube and Medium are other platforms that have been plagued by spammers and have recorded an increase in their activity rate of more than 340 percent and 440 percent, respectively.
“For a Web2 platform like Twitter, there is a direct incentive to turn a blind eye to fake accounts as they increase the value of their platform,” a newsletter quotes LunarCrush CEO Joe Visani as saying.
Last month, Twitter accepted an offer to buy Musk for $44 billion (about Rs 3,36,800 crore).
Musk aims to tackle crypto bots, which may promote fraudulent Twitter posts.
“If I had a Dogecoin for every crypto scam I saw, we would have 100 billion Dogecoin.” Musk recently said at a TED talk while speaking to curator Chris Anderson, “The top priority I would have would be to eradicate the spam scams and bot armies out there on the Internet. Twitter.
Twitter claims that over 95% of its daily active users are real and unique human beings. Does anyone have that experience?
– Elon Musk May 17 2022
Even Mark Cuban, owner of the NBA’s Dallas Mavericks, posted a screenshot of spam tweets posted from another random account, using his name.
“What algorithm can hunt this?” Andreessen tweeted, to which Musk responded with one word, “Human.”
We’re adding an optimistic view to the Doge. Everyone submits 1 dog for unlimited posts. If anyone challenges a post and humans confirm it is spam, they will get the spammer’s doji. The spammer must spread 100 times more Doge if it is not spam, the contestant loses Doge. DogDAO FTW! : Rocket:: Rocket:: Rocket: https://t.co/m6jiDve3AF
– Mark Cuban (@mcuban) May 1, 2022
In an effort to combat the army of spam on social media, LunarCrush is launching a new service called “Sparks”.
The platform will gather intelligence and our community will start fighting this huge social media disruption together.
“With LunarCrush Sparks, you can provide feedback that will train our machine learning (ML) in real time. At first, this looks as simple as the ‘Like’ and ‘Like’ buttons on every post. Just read the posts and if you like and find them If you think a post has no value, press ‘Like’, added the intelligence company, press ‘Decline’ and help categorize it as not valuable, spam, or irrelevant.”
The rise in the number of spam posts on social media can expose more people to financial scams and risks.
In 2021 alone, crypto-random sites recorded 9.6 million visits from India alone, according to a January report by Chainalysis.