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The Coin Rise 2025-03-10 08:49:49

CZ Calls on Elon Musk to Ban Bots on X, Citing Crypto Scam Concerns

Changpeng “CZ” Zhao, co-founder of Binance, has urged Elon Musk to take decisive action against automated bots on X, which have long plagued the platform with crypto scams, phishing links, and manipulative schemes. “If someone uses Grok, ChatGPT, or DeepSeek to generate a tweet and copy and paste it here, fine,” CZ wrote in a March 9 post on X. “But API posting should be disabled.” His concern echoes the frustration of many in the crypto industry, who have seen bots impersonate influencers, spam malicious links, and artificially manipulate markets. Despite Musk’s repeated vows to tackle the problem since acquiring X in 2022, the issue remains rampant. Musk has floated several possible fixes, including requiring users to register a credit card and pay a small transaction fee to discourage bot farms. However, no effective solution has been implemented at scale. AI Bots Flooding X With Scams CZ’s warning comes at a time when crypto scams have become more sophisticated, leveraging AI-powered bots to deceive users. Pig butchering scams have seen threat actors posing as love interests, engaging victims in long-term conversations before tricking them into sending money or investing in fraudulent schemes. Beyond individual scams, bots are also manipulating altcoin prices . A 2023 study by the Network Contagion Research Institute revealed that coordinated bot activity was responsible for artificially inflating token prices through mass posts that created fake hype. Will Musk Finally Crack Down on Bots? Meanwhile, AI-generated phishing links have become an even bigger threat. These malicious actors impersonate industry leaders to direct unsuspecting users to scam sites, where their funds are swiftly drained. The crypto community has repeatedly pressured Musk to take meaningful steps against the bot problem, but progress has been slow. While the proposed credit card verification method could add friction to bot creation, skeptics argue that well-funded scammers could easily bypass such barriers. The post CZ Calls on Elon Musk to Ban Bots on X, Citing Crypto Scam Concerns appeared first on TheCoinrise.com .