The world of cryptocurrency is often punctuated by surprises and shocking revelations, keeping its kin and kith on tenterhooks. Tesla CEO Elon Musk offering X’s tantalizing premium benefits free of cost, made quite a stir recently. Astoundingly, this generous gesture even extended to crypto scammers, creating an engaging twist to the narrative.
Under this new initiative, announced on March 28, accounts that boast a substantial follower count—specifically, 2,500 verified subscribers – will be granted complimentary access to X’s “Premium” tier. Moreover, those with a following exceeding 5,000 will enjoy the privileges of “Premium+” at no additional cost. This policy, however, raises concerns regarding its potential exploitation by individuals and groups engaging in cryptocurrency scams, highlighting a challenging aspect of Musk’s approach to enhancing platform integrity.
The reaction from the X community has been mixed. While some users applaud Musk’s decision to waive the verification fee for high-profile accounts, others express skepticism, particularly regarding the enforcement of these new eligibility criteria. Prominent among the critics is game developer Tyler Glaiel, who pointedly questions the policy’s vulnerability to manipulation: “Haha so a bot farm can buy 2500 accounts and then use those to verify infinite accounts (or have them all follow each other and then stop paying?)”. This skepticism reflects a broader concern that the initiative might inadvertently provide a loophole for scammers to amplify their malicious activities.
In the midst of these policy changes, a segment of X’s user base, particularly smaller accounts, perceives Musk’s initiative as favoring more influential users. Meanwhile, a strategy among verified users has emerged, advocating for reciprocal following to mutually unlock premium services without cost. This development follows X’s adjustment of its pricing strategy for verified organizations earlier in January 2024, an effort to mitigate the impact of “gold check” accounts associated with cryptocurrency scams.
CloudSEK’s recent report illuminates the severity of the issue, documenting an increase in malicious campaigns that exploit X’s platform for job and cryptocurrency scams. These revelations cast a shadow over the intentions behind Musk’s pricing strategy adjustment, with some speculating it may serve as a strategy to increase the platform’s paid subscription base.
Through this significant policy overhaul, Elon Musk seeks not only to refine the user experience on X but also to address the urgent challenges posed by scammers and spammers. To conclude, there’s never a dull moment when you’re dealing with cryptocurrency, particularly when a powerhouse like Elon Musk is part of the story. His quirky offer of free premium advantages, even to scammers, serves as a bold reminder of the fluctuating tides in the crypto landscape. A landscape filled with cunning tactics, but also exhilarating opportunities offered by luminary leaders. As the platform adapts to these changes, the digital community remains watchful, hoping that these efforts will indeed lead to a safer and more authentic online environment
