Earlier this month, when cryptocurrency observer Emin Gün Sirer stated that cryptocurrency fraud on the Twitter platform was rampant, Twitter CEO Jack Dorsey wrote that the company was “on it “.
These scams are getting out of hand. @jack, @twitter, if you can't detect this kind of brazen scam, what hope do you have of improving your platform? https://t.co/7PTkbuaUhy
— Emin Gün Sirer🔺 (@el33th4xor) March 6, 2018
Sirer’s comments mainly refer to fake robot accounts, but Twitter has almost become the bastion of cryptocurrency sales and projects. Facebook and Google have adopted similar blocking orders for cryptocurrencies because it is increasingly clear that the US financial regulator CFTC (Commercial Futures Trading Commission) and the SEC (United States Securities and Exchange Commission) regard many cryptocurrencies as investment products. Regulators’ strict supervision of the investment market shows that digital advertisers may face difficult situations. Platforms such as Facebook and Google mainly use automated systems to publish advertisements, which has brought greater difficulties in combating false advertising.
It’s becoming increasingly apparent that with cryptocurrencies like Bitcoin 2017 being hot, new cryptocurrencies are usually scams. Nearly half of the 2017 ICOs – similar to those issued by start-ups – collapsed within months and many founders withdrew their money.
Source: Fortune
