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LunarCrush Says Crypto Spams Increased 4000% in Two Years

Crypto Spams
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Twitter is brimming with crypto spams as the platform of choice for the crypto community. A great majority of spammers are actually people rather than bots.

Cryptocurrency enthusiasts use Twitter to watch out for crypto news, and sentiments. Most of the crypto CEOs are also very active on Twitter and share the latest occurrences on their platforms with the world.

LunarCrush, the crypto intelligence provider, revealed that crypto spams in the digital currency world have increased by 3,894% since 2019. According to their crypto-specific data metrics, spam activity is the fastest growing metric on social media.

There are software employed by social media to flag spam accounts. However, most of the spam activity comes from human handlers. Therefore, it is difficult to spot these accounts and shut them down.

Last week, Elon Musk halted the $44 billion twitter take-over deal saying that the platform had a bigger number of bots/spam accounts than they were actually admitting.

Twitter claims that there are more than 95% genuine users on the platform. However, SparkToro’s in-depth analysis suggested that 20% of all active users on social media platforms are spammers or bots.

LunarCrush’s CEO said in a newsletter that there is an incentive for Twitter in keeping bots on the platform.

“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.”

Many genuine Twitter accounts will likely lose a great majority of their followers once the spam accounts and bots are removed.

Users of Twitter and other social platforms have to e vigilant to deal with spammers that plague the platform. These spammers can sometimes disguise themselves as influential account. Thus, be careful when following different people in the crypto Twitter space.

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