Monday, October 18, 2021

Binance CEO Applauds Twitter’s Clean-Up of Crypto Scammers

Binance CEO Applauds Twitter’s Clean-Up of Crypto Scammers

Haven’t seen any of those pesky fraudster crypto scams on Twitter as of late? It’s because the powerhouse social media company and citizen activists in the cryptoverse have been trying to clean up the problem once and for all. Now, Binance CEO Changpeng Zhao has applauded Twitter’s role in mitigating the scammers. 

Also see: Looking Ahead: Where Does Bitcoin Go From Here?

Subscribe to the Bitsonline YouTube channel for more great interviews featuring industry insiders & experts

Zhao: ‘Protecting Investors’

Binance CEO Changpeng Zhao recently made headlines for congratulating Google on cleaning up crypto phishing site scams, and now Zhao is extending a similar thanks to Twitter for tackling its own recently rampant cryptocurrency scammers.

To that end, on March 25th, the young CEO tweeted out his appreciation to Twitter’s own CEO Jack Dorsey who himself made headlines this week for saying bitcoin would be the “world currency” in a decade’s time:

The scams in question involved fake profiles impersonating major crypto leaders like Changpeng Zhao and Vitalik Buterin. These scammers would pose as such personalities via fabricated Twitter handles, soliciting payments in BTC, ETH, and LTC all the while with false promises of “mulitplying” whatever funds were sent.

Twitter CEO Dorsey pictured.

In response to Zhao’s remarks, some users complained that real and compliant Twitter users had been swept up in Twitter’s crackdown on crypto scammers. But Zhao said that this collateral damage, as it were, was acceptable:

Twitter Apparently Banning Crypto Ads

Following the lead of Facebook and Google, Twitter now seems set to ban cryptocurrency ads as well.

The move follows an explosion of unsavory and even downright scammy crypto advertisements being published across all the major social media platforms in 2017.

In the very least then, crypto is on the mind of Twitter’s leadership — now more than ever.

What’s your take? Are you glad to see crypto scams on Twitter on the decline? Sound off in the comments below. 

Images via TechSpot, Variety

Bitsonline Email Newsletter