In this article, we discuss how crypto scammers are increasingly using gold verification on X platform, as highlighted by ZachXBT on Twitter. This growing trend has become a cause of concern, and the article delves into the details, offering insights into the tactics employed by these scammers. By providing an SEO-friendly description, readers are more likely to find and engage with this informative piece of content.
In an effort to prevent scammers from impersonating legitimate organizations on Twitter, the platform introduced a new verification process. However, according to cybersecurity researcher ZachXBT, this move has inadvertently created a lucrative black market for verified accounts.
A New Verification System
Previously, all verified accounts on Twitter were marked with a blue checkmark. However, with the new system, blue checkmarks now indicate that the account owner has an X Premium subscription and meets specific requirements to display the checkmark. Government officials, multilateral organizations, and individuals acting as government representatives now receive a grey checkmark, while business organizations qualify for a gold checkmark along with a square profile picture.
While the intention was to create a higher barrier to entry for scammers, it appears that the $1,000 monthly fee to maintain a gold checkmark is not significant enough to deter them. Scammers have found ways to make substantial profits through impersonating legitimate businesses and promoting fake airdrops and investments.
The Rise of Scammers
ZachXBT recently highlighted the growing problem by uncovering 12 fake accounts that were impersonating real businesses with gold checkmarks in just two days. These accounts were found to be promoting fake token airdrops, which not only drain users’ wallets but also collect personal information from wallet holders.
It has been discovered that many of these scam accounts are sold on Telegram channels before being launched on Twitter’s crypto community. The profits generated from these illicit activities far outweigh the initial investment in creating the accounts.
While some Twitter users are attempting to report and ban these accounts, it is clear that such measures are only temporary solutions. It is crucial for Twitter’s moderation team to take immediate action and restore trust in the verification process to ensure the platform remains a safe space for businesses and their customers.