Ethereum co-founder, Vitalik Buterin, recently stated his stance as to why it is wise to turn Twitter into an open API and let third parties try to make the best UIs in solving problems surfacing as a result of twitter scams.
So many scam accounts have blue checkmarks these days.— vitalik.eth (@VitalikButerin) October 1, 2022
Seems like a complete failure of blue checkmarks in their current form. I'm definitely seeing the wisdom of turning twitter into an open API and letting third parties try to make the best UIs to solve these problems. pic.twitter.com/CIwAdpRAkv
Scammers have invaded Twitter and they have enhanced their craft by using verified accounts with a blue tick to defraud users. The blue tick which serves as a mark of authenticity has now become a tool for scammers. It is believed that these fraudsters hack people’s verified accounts and rename them to defraud unsuspecting users.
These accounts consistently advertise fake giveaways and competitions where participants may win Ethereum by investing or making their crypto wallets accessible. Several con artists have taken advantage of significant cryptocurrency events like ICOs, bull runs, and upgrades to scam investors.
A number of innocent crypto users, especially newbies, have fallen victim to this unfortunate development. Investors have lost a fortune just by clicking links posted by scammers. The frequent scams are making the crypto space more volatile which could deter users from investing more in cryptocurrencies in the long run. Users now have to tread carefully while using the platform because it is difficult to identify genuine and fake accounts.
According to Vitalik Buterin, turning Twitter into an open API seems to be a wise choice to curb these scams since a third party’s involvement is required, and creating the best user interface would go a long way in achieving this feat. Crypto users are optimistic about this new update and they remain hopeful as concerted efforts are put in place to fast track its implementation.