Joe Vezzani, the CEO of crypto social intelligence firm LunarCrush, believes that Twitter (NYSE: NYSE:TWTR) has a “direct incentive” to turn a blind eye to fake accounts on its platform.
What Happened: LunarCrush tracks social insights for cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), and Shiba Inu (CRYPTO: SHIB) across various platforms.
According to a May 25 report from the company, the amount of spam in the crypto space has grown by 3,894% in just two years.
The spam volume from Twitter alone is up 1,374% over the same period — something that LunarCrush CEO Joe Vezzani doesn’t find surprising.
"For a web2 platform like Twitter, there is a direct incentive to turn a blind eye to fake accounts because it increases the value of their platform,” Vezzani told Quantum Economics founder Matti Greenspan.
“In web3, if you have a tokenized incentives system, you want to have as many real users as possible who are holding the asset long term rather than trying to extract value from the community."
Why It Matters: Earlier this month, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk said that his deal to acquire Twitter was “temporarily on hold” until the social media platform was able to adequately verify that spam accounts represent less than 5% of users.
In a recent interview, Musk said he believes that fake users constitute at least 20% of Twitter accounts and even suggested the possibility that 90% of user accounts are spam.
See Also: HOW TO BUY BITCOIN (BTC)
Price Action: According to data from Benzinga Pro, the leading digital asset Bitcoin was trading at $29,000 at press time, down 2.59% over the last 24 hours.
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