- CZ wants API posting disabled to stop automated bots from spamming X.
- Bots are widely used for scams, including fake tokens, phishing links, and price manipulation.
- Musk has suggested charging a small fee for new accounts to prevent bot farms.
Binance co-founder Changpeng Zhao (CZ) has called on Elon Musk to act against automated bots on the X platform. The bots spam the website, artificially inflate content, and are frequently used for scams.
CZ recommended that although individuals can post manually from AI-generated material from tools such as Grok or ChatGPT, API posting should be turned off to prevent bot posting.
He noted that AI agents, which assist with booking hotels or coding, are distinct from spam bots and must not be lumped together.
Crypto Scams and Bot Problems
The crypto community has long grumbled about bots on X, particularly since Musk acquired the platform in 2022. Most of these bots push fake tokens, phishing links, and pump-and-dump schemes. They usually impersonate prominent figures in the crypto world to deceive users.
Even as Musk has admitted the problem, few efforts have been made to delete them. One of the ideas that Musk has suggested is charging users to register a credit card and pay a minor amount to make new accounts, which would make it more difficult for bot farms to create synthetic profiles.
CZ asks for Better Security
Bots are not just applied for crypto scams but also for sophisticated frauds such as romance scams. In such instances, scammers develop trust with the victims over a period of time, claiming a romantic interest initially before duping them into making money transfers.
At other times, they lead victims to invest in false ventures. Chatbots powered by artificial intelligence have turned these scams more realistic. In 2023, a research study discovered that bots have been employed to artificially pump up prices of altcoins by sending coordinated messages to fabricate price pumps.
The increasing problem of bots has impacted numerous users, particularly in the crypto community, where scams are rampant. Although X has implemented some controls to address this issue, they have not been completely successful.
CZ’s appeal for more stringent measures underscores the necessity for enhanced security and protection for users. Most feel that tighter regulations and better detection systems are needed to stop bots from damaging the crypto community and other users on X.
Also read : Sam Bankman-Fried Speaks About Crypto and Life in Prison
