Social media platform X is implementing new automated security measures to combat rampant cryptocurrency scams. The platform’s Head of Product, Nikita Bier, stated the system will automatically lock and require verification for accounts posting about crypto for the first time, particularly those with large followings. This change follows numerous high-profile account hacks used to promote fraudulent schemes, with Bier claiming the move should “kill 99% of the incentive” for such attacks.
X is working to address the prevalence of crypto scams on its platform. According to posts from Head of Product Nikita Bier, the company is implementing auto-locking and verification for users who post about cryptocurrency for the first time.
“We are in the process of implementing auto-locking + verification if a user posts about cryptocurrency for the first time in the history of their account,” Bier posted. He added the change should diminish the incentive for scammers, especially since other platforms are not stopping phishing emails effectively.
Bier noted that financial scams promoting crypto tokens and fake trademarked offers are “rampant” on the platform. The new system will also block “community mention spam attacks” where many users are tagged in posts promoting tokens.
The announcement followed an incident where a user perpetuated a hoax about a tortoise’s death to later promote a Solana meme coin. Bier later indicated the platform would detect such activities from accounts without prior crypto connection, especially those with significant followings.
“If you have more than 10K followers and you drop a meme coin without any prior connection to crypto, it is always a hack,” he stated. The platform has a long history of high-profile account hacks, including those belonging to former presidents and celebrities, used to promote crypto scams.
In September, the firm took legal action against some banned crypto scammers attempting to bribe their way back onto the platform. A representative for X did not immediately respond to a request for specifics on how the new feature will vet legitimate crypto discourse.
