The head of LunarCrush accused Twitter of traffic growth due to cryptospam

Research company LunarCrush analyzed social platforms and found an unprecedented increase in spam related to cryptocurrencies over the past two years.

LunarCrush marked out a report stating that the volume of spam in the crypto industry has increased by 3,894% since 2019. The authors of the report express concern that this is not only a record high level of spam, but also “the fastest growing rate in social networks.”

The document states that “the majority of cryptocurrency spam accounts belong to real users.” Therefore, it is often difficult for specialized programs to detect and mark them as spammers. Analysts lament that the Twitter messenger, the preferred social platform for the crypto community, is critically inundated with spam and bots.

According to LunarCrush, spam on Twitter has increased by approximately 1,374% over the past two years. LunarCrush CEO Joe Vezzani on his cryptocurrency blog explained Quantum Economics founder Matti Greenspan, how cryptocurrency spammers benefit Twitter:

“There is a direct incentive for a Web2 platform like Twitter to turn a blind eye to fake accounts as they add value to their platform.”

Vezzani added that tokenized Web3 platforms, such as Lens Protocol or Aave’s Orbis, differ from Twitter in that they are interested in attracting more real users who own project assets.

Elon Musk has previously lamented that spam and fake accounts account for at least 5% of Twitter traffic. After acquiring the social platform, he plans to fight spambots, suggesting that the company’s data on 95% of real users is too high. According to one estimate, the software company SparkToro, Musk, after cleaning Twitter from bots, could lose 50% of the social network’s 95 million subscribers. SparkToro estimates that almost 20% of all active Twitter accounts are fake or spammy.