The social network X implemented a new security policy aimed at actively detecting cryptocurrency scams and immediately suspending accounts that promote fraudulent projects.
According to reported Nikita Bier, head of product at the company, the measure seeks to mitigate the rise of phishing attacks and identity theft that affect users of the digital currency ecosystem.
Bier suggested that the rampant increase in phishing tactics to steal funds has forced the platform to tighten its controls. He clarified that the main focus of this initiative is accounts with more than 10,000 followers, which are usually the favorite target of attackers to reach a massive audience in a short time.
According to Bier’s statements, the monitoring system will identify specific behavior patterns.
«If you have more than 10,000 followers and you launch a meme-based cryptocurrency without any prior connection to the cryptocurrency world, it is always a hack. “We will detect this and demand verification of account ownership,” the executive said.
By making it difficult to monetize stolen profiles and requiring technical proof that the rightful owner is in control, X seeks to reduce the economic incentives of cybercriminals to carry out phishing attacks.
The need for these measures becomes evident in cases of media and technical manipulation. A recent example is the viralization of an account that posed as the communications team of Barron Trump, the son of US President Donald Trump. The fake profile, which even had a blue verification mark, quickly gained 60,000 followers and generated losses for several unsuspecting investors.
This fraudulent profile promoted a token on the Ethereum network called MEGA, an acronym for “Make Ethereum Great Again.” The scammers presented this asset under the ERC-20 standard and included an alleged traceable smart contract to simulate a false appearance of legitimacy and attract unsuspecting investors to a project that lacked official support, as reported by CriptoNoticias.
With this new movement, X seeks to implement measures to clean its ecosystem of this type of malicious actors and protect users from fraudulent investments, establishing a more rigorous security filter for content creators who decide to venture into the promotion of digital assets.