Spam in the crypto industry has risen nearly fortyfold in two years

The volume of spam in the cryptocurrency industry has risen by 3894% over two years, according to a report by analytics firm LunarCrush.

Researchers say that the number of spam accounts on social media has now reached a record high and is the fastest-growing metric.

“Most of these accounts are run by real people. For this reason, software often has difficulty detecting and flagging spam,” the analysts noted.

Twitter, popular among the crypto community, is flooded with spam and bots. According to LunarCrush, spam on the social network has risen about 1,374% over the past two years.

“Twitter turns a blind eye to fake accounts, because this increases the value of the social network,” said LunarCrush CEO Joe Vezzani.

Web3 platforms, such as Lens Protocol or Orbis by Aave, are aiming for as many genuine users as possible to own the asset, he added.

Having announced plans to buy Twitter, Elon Musk cited fighting spam bots as one of his objectives. Earlier, the entrepreneur halted the deal, doubting that fake accounts constitute only 5% of the social network’s total users.

According to SparkToro analysts, up to half of Musk’s 95 million followers show signs of being fake. The company found that nearly 20% of all active Twitter accounts are fake or spammy.

Back in May, billionaire Mark Cuban proposed using Dogecoin to fight spam on Twitter.

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