Twitter is Cracking Down on Cryptocurrency Frauds

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According to Bloomberg, Twitter is joining multiple social media platforms by trying to put a stop to cryptocurrency-related scams.

A Twitter spokesperson told Bloomberg that they are implementing measures to “prevent these types of accounts from engaging with others in a deceptive manner.”

A few weeks ago, Facebook decided to ban cryptocurrency and ICO related ads. Their argument was that a too large proportion of cryptocurrency-related projects were of fraudulent nature. There are still crypto ads that have found the way to get  on Facebook recently.

Emin Gün Sirer, an associate professor at Cornell University, told Bloomberg,

“Crypto-spam reached untenable proportions recently. It was impossible to discuss any topic without having some spammer jump in, impersonate a cryptocelebrity, and try to collect coins from people with promises of easy gains.”

Officials are starting to target cryptocurrencies for regulations. Both the U.S. Securities and Exchange Commission (SEC) and Mark Carney, governor of the Bank of England are calling for cryptocurrency regulation.

 

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