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Twitter working to fix cryptocurrency scam issue

On seeing that the threads were posted by "verified accounts", people fell in the trap and lost digital assets

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Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.
Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.
  • Twitter to curb copycat handles
  • This will help is curbing scams related to cryptocurrency
  •  Many people have lost assets due to fake accounts

As the issue of copying verified Twitter accounts to trick cryptocurrency users is becoming increasingly prevalent, the microblogging company has said that it is working to curb these copycat handles.

Twitter working to eliminate fake accounts. VOA
Twitter working to eliminate fake accounts. VOA

Company CEO Jack Dorsey on Tuesday replied to a tweet that complained about the ongoing cryptocurrency scam on Twitter in which several users have been tricked and their digital assets were stolen.

“We are on it,” Dorsey replied to a user who questioned the CEO if the company was taking note of it, Coindesk.com reported. On February 26, Dorsey had said that his company was aware of the issue and they “are fixing” the problem.

Also Read: Twitter rolls out Bookmarks feature globally

Several users have been complaining about being duped on Twitter by fraudulent offers that promise a huge amount of Ether cryptocurrency in return for small initial deposits. These offers are being made by accounts that mimic well-known industry members and have a “blue tick” (verified account).

As a preventive measure, Twitter had banned several accounts, including the support team for cryptocurrency exchange Kraken despite they tried to warn others about the scam. On Tuesday, the ban on Kraken’s customer support handle was lifted.

“Good news, guys! @krakensupport is back! Strange that our initial appeal was also apparently handled by an automated system. Thank you all for your public outrage. Stay vigilant,” it announced.

Many people lost digital assets due to fake accounts on Twitter.
Many people lost digital assets due to fake accounts on Twitter.

According to the report, the scam began after an influencer posted a tweet regarding a fraudulent offer which was followed by similarly designed accounts.

In order to make the posts seem more legitimate, the spam accounts posted supportive messages, claiming that they have received the returns. On seeing that the threads were posted by “verified accounts”, people fell in the trap and lost digital assets. IANS

Next Story

Micro-blogging Site Twitter to Audit Developers Using Data From App

Twitter says it suspended 1,62,000 apps in the second half of 2018, showing it is willing to play hardball with developers that endanger its ecosystem

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Twitter, India, Smartphone
Twitter on a smartphone device. Pixabay

Micro-blogging site Twitter has decided to audit app developers who use data from its platform, as business and research boosting tools to make sure it gets paid for the information delivered.

Starting June 19, developers that use recent tweets from or mention a user more than 100,000 times per day, will have to submit their apps to Twitter for review.

“The goal is ensuring that our platform is safe and promoting the privacy and safety of our users, and providing a level playing field commercially,” TechCrunch quoted Yoel Roth, Head of site integrity, Twitter as saying on Tuesday.

Developers found to be violating Twitter’s policies would be booted from the platform, while those who fail to file for review will be capped at 100,000 requests per day for the user timeline and mentions application programming interfaces (APIs) of Twitter.

“We’re fundamentally different than other platforms that have APIs since almost everything that happens on our service is public,” Roth explained.

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FILE – A man reads tweets on his phone in front of a displayed Twitter logo. VOA

Developers who use Twitter data as business tools for customer services or social media monitoring, will have to pay and enter a commercial licencing agreement with the platform with an undisclosed custom price-range based on usage.

“Twitter refused to even specify the range those prices fall into, which won’t win it any extra trust,” the report said.

Also Read- HP to Focus on Industry 4.0, Emerging Markets

If a developer in question presents legitimate consumer-use cases, like running a third-party Twitter client or doing research, it will be granted free access to the API at the same rate they have today.

Twitter says it suspended 1,62,000 apps in the second half of 2018, showing it is willing to play hardball with developers that endanger its ecosystem, the report added. (IANS)