Spam in the cryptosphere has surged by an astounding 3,894%, according to crypto intelligence firm LunarCrush. LunarCrush has been running since 2019. Its new crypto spam data report reveals that spam is at an all-time high. Not only that but it is also “the fastest growing metric on social media.”
The report presented the findings that “more spam accounts than you would think are actually people,” making it difficult for algorithms to detect and flag spam.
LunarCrush crypto spam data reveals socmed of choice
Crypto spam’s preferred social media channel is Twitter, flooded with spam and bots. According to LunarCrush, the volume of spam on Twitter has increased by 1,374% in the last two years.
“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,” LunarCrush CEO Joe Vezzani told Quantum Economics founder Matti Green in his crypto newsletter.
A planned reform
Elon Musk, the billionaire Tesla CEO, put his controversial takeover of Twitter on hold earlier this month. It is pending more evidence to back up Twitter’s claim. Which is that spam and bogus accounts account for less than 5% of its traffic.
Musk intends to combat the platform’s spambots, implying that the company’s figure of 95% genuine users is exaggerated.
Users of Twitter and other social media sites will have to be particularly careful about the swelling stream of crypto scams and spam that none of them appear to have control over until Musk gets his way and knocks the spammers out of Twitter for good.
Purging bot accounts would reduce the number of followers on most authentic accounts. Earlier this month, the software company did in-depth research that revealed over 20% of all active Twitter accounts are bogus or spammers.