X (formerly Twitter) Reduces Pricing for Verified Organizations to Combat Crypto Scams

According to the cybersecurity company CloudSek, there has been a significant increase in the use of the platform's gold membership accounts by X clients to carry out cryptocurrency scams.

X slashes prices by 80% for gold check accounts due to increasing crypto scams

📢 Breaking News: X (formerly Twitter) has announced a significant drop in the pricing for verified organizations on its platform. This decision comes as reports indicate that groups have been exploiting ‘gold check’ accounts to promote crypto scams. Let’s dive into the details and explore what this means for the world of social media and digital assets.

The Gold Rush in the Dark Web

According to a recent report by cybersecurity firm CloudSek, threat actors specifically targeted X accounts that had signed up for the gold check verification. These accounts, available to organizations for a hefty price of $1,000 per month, became a breeding ground for malicious campaigns related to job and crypto scams.

The CloudSek research team identified multiple X accounts with gold tick marks that were actively posting links to malicious domains. These domains, operating across different platforms, coerced their followers into joining random crypto-based channels. 😱

X’s Response: A Drop in Gold Check Pricing

In response to these findings and to combat the rise of scams on its platform, X announced a reduction in the price of gold checkmarks. The monthly fee has been lowered from $1,000 to a mere $200 for the basic plan. This move is seen by many as an attempt to attract more paid subscribers, thereby increasing the overall security and authenticity of accounts on Twitter.

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It’s worth noting that X, previously valued at around $19 billion, has experienced a significant drop in its valuation since Elon Musk’s sizeable investment in 2022. The social media giant is now working diligently to regain trust and weed out scammers. 💪

The Scammers’ Tactics

CloudSek’s report highlighted the scammers’ modus operandi: taking over unused or inactive X accounts, converting them to gold accounts, and utilizing the verification system to promote various crypto scams. In some cases, these malicious actors even offered to sell the compromised accounts online, fetching prices of up to $2,500.

With the ever-growing adoption of digital assets, high-profile platforms like X have become prime targets for scammers. These nefarious individuals exploit every means possible to dupe innocent users, often using crypto as bait. We’ve witnessed hackers taking over the accounts of prominent figures, including U.S. President Joe Biden and Ethereum co-founder Vitalik Buterin, to push scams involving Bitcoin and other cryptocurrencies.

Q&A: What You Need to Know about X’s Gold Check and Scams

Q: What is the purpose of X’s gold check verification? A: The gold check verification on X (formerly Twitter) is meant to establish credibility and authenticity for organizations on the platform. It gives users the assurance that the account has been vetted and belongs to a genuine entity.

Q: How did scammers manage to exploit the gold check accounts? A: Scammers exploited unused or inactive X accounts by converting them into gold accounts. They then used the verification system to promote crypto scams and mislead unsuspecting users.

Q: How can users protect themselves from falling for these scams? A: Users should exercise caution and skepticism when engaging with any suspicious links or offers. It is crucial to verify the credibility of the account and perform independent research before participating in any financial transactions or investments.

Q: What steps should X take to tackle this issue effectively? A: X needs to enhance its security measures, including more stringent verification processes, thorough monitoring of account activities, and implementing anti-phishing mechanisms. Additionally, educating users about potential scams and raising awareness about online safety can go a long way in combatting these threats.

The Future of X: Striving for a Secure and Authentic Platform

As X pushes forward in its battle against scams and malicious activities, the reduction in gold check pricing is a step in the right direction. By lowering the barrier to entry for organizations seeking verification, X aims to attract more legitimate entities while discouraging scammers. This move, coupled with robust security measures, will contribute to a more secure and trustworthy platform for users worldwide.

However, it is essential for X to remain vigilant and adaptive in the face of ever-evolving tactics employed by scammers. Continued investment in cutting-edge technology and collaboration with cybersecurity experts will be crucial in maintaining long-term trust and security.

🔥 For more information on scams in the crypto ecosystem, check out our article: Crypto phishing scams took almost $300M from 324K victims in 2023: Report

🔗 References: 1. Targeted X accounts report by CloudSek 2. Twitter’s announcement on reduced gold check pricing 3. X’s current valuation 4. Previous cases of account takeovers for crypto scams 5. Insights on gaming scams and the role of Wall Street in Bitcoin ETFs

🌟 Remember, your online safety matters! Stay informed and share this article to spread awareness within your network. Together, we can create a secure and trustworthy digital landscape! 🌍💙

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