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After a Fraudulent Tweet, Tesla’s Elon Musk Joins the List of Cryptocurrency Pessimists

After A Fraudulent Tweet, Tesla’s Elon Musk Joins the List of Cryptocurrency Pessimists

Technocrats’ opinion differs on cryptocurrency and the adoption of it. The latest to join the list of pessimists of digital currency is none other than Tesla’s founder and CEO, Elon Musk. He spoke against the virtual currency after a fraudulent account has appeared on his Twitter feed. The comments came in the wake of the modest recovery last week in the digital coin segment though there is no guarantee that it will sustain. That demonstrated the ambiguity in the light of pressures exerted by regulators.

Trick People

According to, some unknown people were engaged in mimicking not only Musk but other high profile users too to trick people into sending digital currencies such as ethereum. This attracted a sharp reaction from Musk, who tweeted to his 22.2 million followers that “I want to know who is running the Etherium scambots! Mad Skillz.” This was nothing but a hacking by cyber criminals who are out to take advantage of the digital coin market conditions.

For his part, Ethereum co-founder, Vitalik Buterin, has sought the help of Twitter co-founder and CEO, Jack Dorsey. He expressed his frustration that SpaceX and electric vehicle maker’s CEO was caught up unfavorably due to the negative impact of the innovative digital currency. However, there was no information about the misspelling of ethereum. Buterin is a continuous target of scamsters and even took the stand of incorporating “Not giving away ETH” to his username. Crypto scam is undoubtedly spoiling the image of the sector and is often termed as a dragger.

Scamsters use the fake accounts and use profile pictures of eminent personalities such as Musk and Buterin. This is an attempt to boost their legions of followers to force them to send funds as part of a bargain to double their money. In any case, if anyone sends cryptocurrencies including ethereum to the fake accounts, they are not likely to get back anything.

The fake account is a big problem faced by social media, and Twitter has resorted to suspending over one million suspicious, as well as, fake accounts on a day-to-day basis in the recent past. This is an obvious attempt to suppress the flow of not only scams but also fake news. Facebook has also faced issues of fake news though it is yet to face anything from the crypto.

Reacting To Misinformation

During the months of May and June, Twitter has suspended about 70 million accounts. Incidentally, the move came more as a reaction to the growing misinformation during the presidential campaign in the United States two years ago. The social media firms have been pointing out that they were taking necessary actions to curb fake news or accounts and yet it is still there.

Twitter also faced a lot of flak for its failure to introduce enough measures to filter out scam accounts properly. This was the issue in Musk case since it was appearing in his feed after March and the platform has plagued right from the start of the current year.

About the author


Fred Krueger

Fred is a successful entrepreneur and investor. His passion to share his knowledge and to analyse the highly unregulated cryptocurrency market brought him here. His experience gives him a strategic edge amongst others.

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