Crypto Scammers Included in Musk’s Free Premium X Feature Rollout

Last Updated on March 28, 2024

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Close-up Shot of Twitter Account at Twitter. Blue Verified Icon Checkmark. Source: Rokas -

Key Takeaways:

  • Elon Musk introduces changes on X (formerly Twitter) to fight scams and spam by providing free premium features to influential accounts, aiming to boost authenticity and user engagement.
  • The new system categorizes premium offerings into Basic, Premium, and Premium+ based on the account’s follower count, raising concerns in the crypto community about potential misuse by scammers.
  • Despite efforts to curb scams, including a revised pricing strategy for verified organization accounts, skepticism remains about the effectiveness of these measures and the potential for system manipulation.

Elon Musk has introduced a pivotal shift on X (formerly Twitter), aiming to curtail the rampant scam and spam activities that have beset the platform.

By offering free access to premium features for influential accounts, Musk hopes to enhance authenticity and engagement.

This move, however, has raised eyebrows within the cryptocurrency community, as the same privileges extended to combat disingenuous activities could inadvertently benefit those engaging in crypto scams.

On a notable day, Musk unveiled that accounts boasting at least 2,500 verified subscribers could access “Premium” features at no cost, while those with over 5,000 followers would enjoy complimentary “Premium+” services.

Twitter Verification and Verified Badges Banner for Blogging and Content Creation
Source: Reservoir Dots –

X, thereby, delineates its premium offerings into three categories – Basic, Premium, and Premium+ – each unlocking additional capabilities for creators within its ecosystem.

The introduction of a paid verification model, dubbed “Twitter Blue” prior to Musk’s acquisition, aimed at diminishing the influence of scammers and spammers who had thrived under the platform’s previous lax oversight.

This strategy, though well-intentioned, has not been universally applauded.

X app logo in front of the Twitter blue bird symbol background in 3D rendering.
Source: AdriaVidal –

Critics argue that it might still pave the way for scammers to exploit these features, masking their deceitful intents behind a veneer of verified authenticity.

Despite the skepticism, some members of the crypto community have lauded Musk’s decision to forego fees for popular account verifications.

Yet, concerns linger over potential loopholes and the absence of detailed criteria for eligibility verification by the platform.

Twitter New Logo on a Smartphone Screen
Source: Backcountry Media –

Tyler Glaiel, a distinguished game developer, humorously highlighted the potential for abuse, suggesting that a bot farm could manipulate the system by purchasing a requisite number of accounts to achieve verification for an unlimited number of accounts, thereby facilitating a cycle of deceit.

Echoing Glaiel’s skepticism, other users speculate that this incentive could foster collusion among scammers, repurposing accounts for varied cyberattacks.

Meanwhile, some lesser-known accounts on X view Musk’s initiative as disproportionately favoring more prominent users, encouraging a reciprocal following among verified users to leverage free premium services.

In response to concerns regarding verified scam accounts, X had previously revised its pricing strategy for verified organizations in January 2024, targeting a reduction in “gold check” accounts associated with crypto scams.

This adjustment, alongside a report from CloudSEK, underscores the growing sophistication of malicious campaigns requiring verified status to execute job and crypto scams, hinting at the complex challenge Musk’s platform faces in balancing accessibility with security.

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Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.

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