Social Media Platforms Trying to Shut Down Crypto Scams
The world of cryptocurrency is ripe with excitement. However, it’s just as ripe with scams. In fact, a growing number of entities are doing their part to try to curb some of these scams and protect those interested in investing in cryptocurrency.
Recently, Twitter announced that it’s trying to stop all alleged scams related to digital currencies that are being spread via the social media platform. Twitter is not the first social media giant to take this step, either. Facebook has taken similar steps, recently, including banning all ads tied to cryptocurrencies.
According to a Twitter spokesperson, who spoke to Bloomberg News, the social media company is aware of cryptocurrency-related “manipulation,” and is working to “prevent these types of accounts from engaging with others in a deceptive manner.”
The company made the statement after it had restricted an account by the name of “@Bitcoin handle,” saying: “Caution: This account is temporarily restricted. You’re seeing this warning because there has been some unusual activity from this account.”
The company intends to keep a close eye on all crypto-related accounts and posts in an effort to prevent scammers from taking advantage of Twitter users with deceptive practices.
Social media platforms are not alone in this crackdown. Regulators, including the U.S. Securities and Exchange Commission, are also stepping in, in an effort to crackdown on scammers in the digital coin industry.