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Ineffective monitoring leads to increase in Twitter-based Crypto-scams

Mar 08, 2018 Posted /  3838 Views

Ineffective monitoring leads to increase in Twitter-based Crypto-scams

Twitter is taking extra steps to ensure that fake Twitter accounts are barred, and people do not fall and lose money to the rising cryptocurrency scams. For the purpose, one of the most extensive social media communication networks has added an extra layer of trust that comes from being a verified user. Everybody from Kraken, the most prominent cryptocurrency exchange in the world to Chris Giancarlo, head of the U.S. Commodity Future Trading Commission are being taken undercover, and Kraken so far has been able to get a verified tick.

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The verification on Twitter is not mere settings structure or internal operation by the social media giant, but a one of a kind mechanism which tries to plummet the proliferation in the digital currency scams that are taking place through the network. We all know that Twitter has issued blue tick to some eminent personalities and well-known celebrities, which works as a Twitter verifier. Nonetheless, even the fraudulent accounts have been able to receive blue checks of Twitter verification. Buzzfeed reported the statement on February 23.

More strangely, some verified accounts presented customer service to Kraken users on Tuesday reported that Twitter banned them for trying to alert their customers about the ways used by Twitter thieves to steal their digital asset information with the help of the social media.

This is what the verified Kraken Twitter account announced in the morning-

“Looks like you’re on your own now.”

Interestingly, there was a thread of tweets underway replying to the status explaining the sort of scam that has resulted in hundreds or maybe even thousands of people having their digital assets stolen. The deceitful offer contracts to transfer a significant amount of Ether in agreement for a small opening deposit. One such kind of scam revealed it had $332 worth of Ether at the address it posted.

Jack Dorsey, the chief executive officer (CEO)and co-founder of Twitter who himself have a verified account, commented on February 26 that his company was conscious of the confirmed account issue and “are fixing” the predicament. Nonetheless, many users are persistently reporting fraudulent tweets as they resume to appear without any fear of consequences. As of this writing, Giancarlo has still not got his account verified, but the ban on Kraken's customer support account has been lifted.

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Tags: Crypto-scams crypto

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