Twitter's crypto scammers are running rampant on the platform, and the company itself is to blame for its failure to implement basic countermeasures. The latest example: when Poloniex announced its acquisition by Circle on Monday, the first reply came from an account named “Palooniex,” which used the same avatar and posted a giveaway scam: “We are joining Circle! To commemorate, we’re giving away 2000 ETH. Send 0.3-3 ETH to our address below and get 3-30 ETH back. Hurry!” This pattern repeats endlessly across Crypto Twitter, turning reply threads into a minefield of fraud.
Scamming as Social Arbitrage – But Twitter Enables It
Some observers dismiss these scams as a form of social arbitrage: taking crypto from the naive and redistributing it to the cunning. While it is true that sending money to strangers who promise a larger return is a remarkably poor decision, the damage extends far beyond the few who fall victim. Even savvy users are affected because Crypto Twitter's utility is being destroyed. Replies to verified accounts are now flooded with begging and scam links, drowning out legitimate discussion. Influencers are forced to repeatedly declare that they are not running any giveaway, a tiresome refrain that further degrades the user experience.
Simple Fixes Twitter Refuses to Implement
There are at least three straightforward technical solutions Twitter could deploy to curb these scams, yet it has chosen not to. First, the platform should prevent an account that has been blocked by a user from replying to that user’s tweets. Currently, scammers block the accounts they are impersonating in advance, so the victim (e.g., the real Poloniex account) cannot see the fraudulent replies and report them. Second, Twitter should prohibit the combination of a similar username and identical avatar. While having a username like “palooniex” alone is not suspicious, pairing it with Poloniex's exact profile picture is a clear signal of impersonation. Third, the verified badge system is broken. This week, a fake account impersonating Justin Sun (founder of Tron) actually obtained a blue checkmark and then proceeded to offer a TRX airdrop scam, requiring participants to send crypto first. Such incidents demonstrate that Twitter's verification process is woefully inadequate.
Twitter's Oil Tanker Problem
Twitter has become a victim of its own success. In its early days as a nimble speedboat, the company could quickly adjust policies and features. Now it is an oil tanker – making even small directional changes takes enormous time and effort. While Twitter dawdles, scammers continue to mount increasingly sophisticated attacks. The platform's inaction effectively turns scammers into penetration testers who expose weaknesses day after day, with no consequences. Until Twitter takes responsibility for the safety of its ecosystem – especially for the crypto community that relies heavily on the platform – these scams will persist unabated.
Do you think Twitter is to blame for failing to crack down on scammers? Let us know in the comments section below.
Images courtesy of Shutterstock, and Twitter.