Elon Musk provides free premium features to X users, including crypto fraudsters.
Prior to his usurpation, Elon Musk implemented the paid verification model on X, formerly referred to as “Twitter Blue,” in an effort to combat the spammers and fraudsters that were flourishing on the platform.
Musk has announced that influential accounts on X will no longer be required to pay for specific premium features, provided they fulfill particular criteria. However, it also seems plausible that accounts engaged in cryptocurrency fraud could satisfy those conditions.
Musk made a public declaration on March 28th that accounts possessing 2,500 verified subscribers in the form of followers would be exempt from paying for “Premium” features on X. Additionally, accounts with more than 5,000 followers will receive complimentary access to “Premium+.”
X provides paid subscriptions for three categories of premium services—Basic, Premium, and Premium+—which grant content creators access to an increasing number of features across the X platforms.
On Twitter, however, the capability to purchase verification makes it easy for con artists and malicious actors to impersonate influential figures and deceive their followers into falling for a variety of schemes.
Prior to his usurpation, Elon Musk implemented the paid verification model on X, formerly referred to as “Twitter Blue,” in an effort to combat the spammers and fraudsters that were flourishing on the platform.
Notwithstanding this, the crypto community contends that the X Premium functionalities persistently facilitate fraud artists in their efforts to recruit potential victims.
While some community members supported Musk’s decision to waive verification fees for popular accounts, skeptics pointed out potential vulnerabilities because the platform’s internal eligibility determination mechanism was unclear.
Tyler Glaiel, a renowned game developer, argued:
Although a small number of users acknowledged the associated expenses, they concurred with Glaiel’s assessment that the new feature might encourage large groups of fraudsters to collaborate and repurpose accounts for various cyberattacks.
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Others encouraged verified users to manipulate the system by following one another in an attempt to obtain free premium services, whereas some smaller accounts on X believe Musk’s recent action favors the “wealthiest.”
X is cognizant of the apprehensions surrounding verified fraudulent accounts, as the platform reduced pricing for verified organizations on the social media platform earlier in January 2024.
The action was taken in response to the proliferation of “gold check” accounts that propagated cryptocurrency fraud.
“Massive malicious campaigns requiring a Twitter Gold account are brewing,” according to a recent report by CloudSEK. These campaigns specifically target X users with job and cryptocurrency frauds.
Many, however, hypothesized that the price reduction was an effort to attract more paid subscribers.
