April 19, 2024
Elon Musk Extends Free Premium Features on X, Raising Concerns Over Crypto Scammers
Latest Cryptocurrency News

Elon Musk Extends Free Premium Features on X, Raising Concerns Over Crypto Scammers

Elon Musk, the renowned entrepreneur and CEO of various companies including Tesla and SpaceX, has made significant changes to the premium features offered on X, a platform previously known as “Twitter Blue.”

The announcement, made on March 28, outlines new conditions under which influential accounts can access premium services without charge.

However, the decision has raised concerns within the crypto community regarding the potential for exploitation by scammers.

Source: Elon Musk

New Criteria for Free Premium Features

Musk revealed that accounts with at least 2,500 verified subscribers as followers will no longer be required to pay for “Premium” features on X.

Furthermore, accounts boasting over 5,000 followers will gain complimentary access to “Premium+.” These tiers of premium services unlock various features for content creators within the X platform.

Despite Musk’s intentions to combat scammers and spammers through the paid verification model on X, concerns remain regarding the platform’s susceptibility to cryptocurrency scams.

The ability to purchase verification on Twitter provides scammers with the means to impersonate influential figures and deceive followers into fraudulent schemes.

Prominent game developer Tyler Glaiel expressed scepticism, suggesting that the new criteria could potentially be exploited by bot farms to verify numerous accounts, facilitating fraudulent activities on a larger scale.

Community Response and Speculation

While some members of the X community welcomed Musk’s decision to waive account verification fees for popular users, sceptics highlighted potential loopholes and the lack of transparency regarding the platform’s internal mechanisms for eligibility.

Tyler Glaiel’s concerns were echoed by others, who speculated that the new feature might incentivize groups of scammers to collaborate and repurpose accounts for cyberattacks.

Smaller accounts on X voiced their belief that Musk’s move favours the wealthy, while some verified users discussed strategies to exploit the system by mutually following each other to qualify for free premium services.

Source: Verified

Platform’s Response and Prior Actions

X has acknowledged the concerns surrounding verified scam accounts and previously took steps to address them. In January 2024, the platform reduced pricing for verified organizations in response to the proliferation of “gold check” accounts involved in crypto scams.

A recent report from CloudSEK highlighted the prevalence of malicious campaigns targeting X users with job and crypto scams, emphasizing the need for vigilance in combating fraudulent activities.

However, speculation persists regarding whether the price adjustments were aimed at curbing scams or increasing paid subscriptions on the platform.

Image: Wallpapers.com

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