The Problem with Twitter’s Verified Accounts
Twitter’s feature of verifying accounts was intended to prevent scammers from impersonating legitimate organizations. However, this has inadvertently created a new black market where scammers can buy and sell verified accounts. Here are the key points:
- All verified accounts now have blue checkmarks, indicating that the owner has an X Premium subscription and meets the requirements.
- Government officials and individuals acting as government representatives qualify for a grey checkmark, while business organizations can get a gold checkmark and a square profile picture.
- Organizations must pay $1,000 a month to maintain a gold checkmark, which was meant to deter scammers, but it has proven to be a trivial cost for those involved in fraudulent activities.
- Scammers are impersonating businesses and promoting fake airdrops and investments, making significant profits.
- Accounts are often sold on Telegram channels before being launched on crypto Twitter.
The accounts promote fake token airdrops, collect users’ wallet information, and drain their funds. While some users offer to help ban these accounts, it is only a temporary solution. Twitter’s moderation team needs to take immediate action to restore confidence in the verification process to maintain its reputation as a trusted platform for businesses.
Hot Take
The unintended consequences of Twitter’s verification feature have created a thriving black market for scammers. The high bar to entry with a monthly cost has done little to deter fraudulent activities, and users are falling victim to fake airdrops and investments. Twitter must take swift action to address this issue and prevent further harm to its userbase.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.