Binance founder and former CEO Changpeng “CZ” Zhao has publicly called on Elon Musk to take stronger action against the rising number of scam bots on X (formerly Twitter). CZ, a long-time advocate for crypto security, raised concerns about the overwhelming volume of fake accounts impersonating prominent figures and targeting users with fraudulent schemes.
Crypto Scam Bots: A Growing Problem on X
Since Musk took over X, he has pledged to combat bots and spam accounts, but crypto-related scams remain rampant. Bad actors frequently use fake profiles to impersonate CZ, Binance, and other crypto influencers, luring users into phishing scams and fake investment schemes.
Scam bots on X often:
- Impersonate well-known figures like CZ, Musk, and other industry leaders.
- Reply to legitimate posts with fraudulent links promising crypto giveaways.
- Encourage users to send funds to fake wallets or click malicious links.
CZ’s direct appeal to Musk suggests that current efforts to control these bots are insufficient, and further intervention is necessary to protect users.
Elon Musk’s Fight Against Bots
Musk has been vocal about his mission to eliminate bots from X, even implementing paid verification to deter fake accounts. However, scammers continue to adapt, finding new ways to bypass platform restrictions.
- X’s paid verification system initially aimed to curb bot activity but has also been exploited by scammers who purchase verification to appear more legitimate.
- Recent AI advancements have made bot-generated messages more convincing, making it harder for users to distinguish real accounts from fake ones.
- Crypto remains a prime target for scammers due to the irreversible nature of blockchain transactions.
CZ’s Call for Stronger Measures
CZ’s request to Musk underscores the urgent need for X to refine its anti-bot measures. Some potential solutions include:
- Stricter verification processes to prevent bad actors from acquiring verified accounts.
- Enhanced AI-driven detection systems to proactively identify and remove scam bots.
- User-reporting improvements that allow faster action against fraudulent accounts.
CZ has previously warned about the risks of crypto scams on social media and urged users to remain vigilant. He now hopes Musk will take decisive action to combat the issue more effectively.
While Musk has acknowledged the bot problem, it remains unclear what additional measures X will implement in response to CZ’s concerns. Given X’s role as a major platform for crypto discussions, ensuring a safer environment for users is critical.
For now, crypto investors and enthusiasts are urged to verify accounts carefully, avoid clicking suspicious links, and remain cautious of “too good to be true” offers on X.