The introduction of a $1 fee for new users of the social app X (formerly Twitter) is unlikely to effectively combat the pervasive issue of bots on this popular platform, widely utilized by cryptocurrency projects and users. X has initiated the testing of this annual charge for new users in New Zealand and the Philippines, with the aim of reducing spam, manipulation, and bot activity. New users will be required to pay for essential functions such as posting, replying, and liking.
Nevertheless, previous attempts to charge users have not completely succeeded in preventing phishing scams carried out by verified accounts on the platform. X’s premium service, priced at $8 per month and offering a blue verification checkmark to users, appears to be widely exploited by bot armies and scammers with a focus on cryptocurrency.
Phishing bots remain a constant threat, particularly targeting posts from verified accounts. These nefarious blue-tick verified bots aim to lure unsuspecting users who click on their links, only to find their wallets emptied shortly thereafter.
Veronica Wong, CEO of the crypto wallet SafePal
Veronica Wong suggests that enhancing reporting mechanisms to address existing issues may be a more practical approach. She points out that dedicated teams report bot and scam accounts, but it’s an ongoing battle as new X accounts continually emerge. Wong emphasizes the importance of rigorous vetting to prevent scam ads, as users can still be vulnerable to accounts with blue and gold checkmarks.
Wong also acknowledges that X’s premium service for businesses, offering gold checkmarks to accounts, makes it notably more challenging for bots and impersonators to execute malicious activities.
On a different note, some cryptocurrency funds propose that blockchain technology could be a solution to the pervasive bot problem. James Wo, Founder and CEO of DFG, remarks that botting poses a significant challenge and tarnishes the industry’s reputation, with the gains from such scams far outweighing the associated costs.
