In a significant move to combat crypto scams, X has announced a new policy aimed at automatically locking accounts that mention cryptocurrency for the first time. According to the assessment of specialists presented in the publication, this initiative, revealed by Head of Product Nikita Bier on April 1, is designed to tackle the rampant fraud that has plagued the platform.
Introduction of Autolock Feature
The new autolock feature will activate for accounts that have no previous history of discussing cryptocurrency, requiring verification before any first-time crypto-related post can go live. This measure is expected to eliminate 99% of the economic incentives that drive persistent fraud on the platform, according to Bier.
Influence of Personal Experience
The decision to implement this feature was influenced by the experience of Benjamin White, who fell victim to a phishing attack that compromised his account. By targeting accounts that hijack or weaponize established profiles for fraudulent schemes, X aims to significantly reduce the financial motivation behind these scams.
Broader Strategy Against Crypto Fraud
This initiative is part of a broader strategy to address the growing issue of crypto-related fraud on the platform.
The recent debate on stablecoins' ability to freeze funds has gained traction, contrasting with X's new policy to combat crypto scams. For more details, see the discussion.
