Twitter Takes Measures To Prevent Cryptocurrency Related Scams On Its Platform

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Joining other social media websites, Twitter Inc. is now taking steps to put a stop to the several alleged cryptocurrencies and initial coin offering related scams running through its platform to reduce the spread of harmful content.

Responding to an inquiry brought forward by Bloomberg, Twitter’s spokesperson stated limiting of the @Bitcoin handle. The spokesperson admitted that the social media platform is well aware of this form of ‘manipulation’ happening in the platform and is, therefore, taking appropriate steps now to prevent such kind of accounts deceptively engaging with others.

Similarly, Facebook Inc. is also taking measures and has banned advertisements publicising financial products or services tied with cryptocurrencies. But still, at present cryptocurrency related advertisements have made their way back onto Facebook again.

On the other hand, Twitter Inc. declined to further comment on any of the personal accounts considering safety and security reasons. A caution note flashes on visiting the profile which reads, “Caution: This account is temporarily restricted. You see this warning because there has been some unusual activity on this account.”

On Tuesday, the verified account which offers customer support to Kraken users said that the account was banned from Twitter in an attempt to make its customers aware to the several ways in which the thieves are stealing digital information online. However later, Kraken, one of the world’s biggest crypto exchanges, later got the ban removed from its customer service account.

On March 6, Twitter CEO Jack Dorsey responded to one of the Twitter comment made by Cornell University’ associate professor, Emin Gün Sirer on the recent matter related to the alleged cryptocurrency scams, and said: “We are on it.”

Sirer said to Bloomberg that recently the cryptocurrency related spam had reached unarguable proportions. He further said that it was not possible to discuss on any topic without having some spammer in it who tries to get coins from people with promises of fast and easy return using impersonating a crypto celebrity.

The regulators have begun taking measures to end the scams occurring in the crypto industry. The U.S. Securities and Exchange Commission has been granted a court order to freeze the assets of alleged crypto and initial coin offering related scam by the AriseBank. The Bank of England governor, Mark Carney on Friday urged to bring in greater regulation to put an end to the era of the cryptocurrency “anarchy.”

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