Since acquiring X in 2022, Elon Musk has made significant changes to the platform, including a renewed focus on combating scams and spam. One recent initiative includes offering free premium features to influential accounts with a high number of verified followers. While this aims to boost user engagement and authenticity, it has also led to concerns within the cryptocurrency community about potential misuse by crypto scammers.

A History of Fighting Scams and the Introduction of Paid Verification

Prior to Musk’s takeover, X struggled with a significant number of scams and spam accounts. To address this, a paid verification system, Twitter Blue, was implemented. This system aimed to incentivize legitimate users to verify their identities and make it harder for scammers to impersonate them.

In March 2024, Musk announced a new approach. Accounts with at least 2,500 verified followers would receive free access to Premium features, while those exceeding 5,000 followers would unlock Premium+ features entirely free of charge. X offers tiered premium subscriptions with various features for content creators.

This move has been met with mixed reactions, particularly within the cryptocurrency community. While some appreciate the elimination of verification fees for popular accounts, others express concerns.

Potential for Abuse by Crypto Scammers

Critics argue that the criteria for obtaining free premium features are relatively easy to meet, even for crypto scammers. They could potentially use bot farms to purchase a sufficient number of verified accounts, allowing them to exploit premium features and appear more legitimate, thereby reaching more potential victims.

Concerns about System Loopholes

The lack of clear details about X’s eligibility verification process raises concerns about potential loopholes. Without a strong system in place, some worry that bad actors could manipulate it to gain access to premium features.

Disparity Between Large and Small Accounts

Some users with smaller accounts perceive this move as favoring established users. They argue that the benefits of free premium features are not accessible to them, likely widening the gap between large and small accounts on the platform.

Efforts to Curb Scams and the Ongoing Challenge

X has acknowledged concerns about verified scam accounts. In January 2024, they reduced the pricing for verified organizations, specifically targeting accounts promoting crypto scams that often used the gold check verification badge.

However, a report by CloudSEK highlights the evolving nature of these scams. Malicious actors are increasingly relying on verified accounts to launch jobs and crypto scams, making it complex for X to strike a balance between accessibility and security.

The Road Ahead- Can Free Features Help or Hinder?

While offering free premium features to influential accounts is an attempt to incentivize authentic users and boost engagement, the risk of misuse by scammers remains a concern. X’s ability to implement a strong verification system and address likely loopholes will determine the success of this initiative.

The cryptocurrency community, particularly vulnerable to online scams, will be watching closely to see if this new approach effectively combats crypto scams or inadvertently aids them. Only time will tell if Musk’s gamble on free premium features will ultimately strengthen X or create new opportunities for malicious actors. 

https://cointelegraph.com/news/elon-musk-free-premium-x-crypto-scams

https://cryptohead.io/news/crypto-scammers-included-in-musks-free-premium-x-feature-rollout/