Crypto Clearance: Twitter Deletes Suspected Crypto-Related Accounts

TL;DR

  • According to our recent findings, the popular social network, Twitter, seems to have deleted quite a large number of fake cryptocurrency-related accounts.
  • During the past week, Binance has lost more than 3000 followers. ICOs such as WePower, NEO and Stratisplatform lost an even higher percentage of their followers.
  • It’s not clear if the deletion process is done or just begun.

Twitter recently deletes fake accounts

Twitter is one of the largest and most popular social networks today. It features millions upon millions of accounts and is quite popular among celebrities. However, Twitter is also a host to a major part of the crypto influencers’ community, which uses this platform for spreading information, analysis, events, and more.

According to recent research we’ve done, it appears that Twitter has deleted quite a lot of accounts. All of these accounts are considered to be fake ones, created for various purposes. However, what most of them have in common is the fact that they were following crypto exchanges and ICOs.

As an example, the data claims that Binance had lost over 3000 followers on Oct.30 and Nov. 1st. Binance is quite a popular exchange, and its Twitter account gains anywhere from 300 to 500 new followers on a daily basis.

binance_twitter_followers-min
Binance’s Twitter Followers over the past week. Source: SocialBlade

The main reason behind the clearance

While Binance is the account that lost a large number of followers, it is not the only one to experience such a drop. Similar incidents were noted in statistics of other crypto businesses, such as NEO, Ontology, WePower, Stratis, and many others. The main question is why did this happen?

While this has yet to be confirmed, many believe that the reason behind the deletion is the fact that all of these accounts were created for participation in crypto airdrops and bounty campaigns. Participating can lead to getting to a portion of the project tokens in exchange for marketing actions such as likes and retweets on Twitter.

By having multiple accounts, especially with many followers (most of the projects don’t have the ability and will to check if the followers are real); those users can receive a more significant portion of the planned airdrop.

Twitter seemingly recognized the issue and decided to act. Most crypto-related businesses that lost followers experienced this throughout three days — between October 30th and November 1st.

As mentioned, Binance has lost over 3,000 followers between October 29th and November 1st (out of their total 880K followers). Stratis lost over 850 accounts in three days (Oct. 29. – Oct 31.) out of 138K. Ontology lost only 240 accounts on October 30 and 31 and was left with 65K followers, while WePower lost the highest percentage: more than 800 fake accounts during the same period, and it currently has a total of 36K followers (2.2%).

It is possible that the move was not made as a response to a complaint, but is instead an attempt to clear the platform and prevent scams and other unethical activities. It will be interesting to see the coming up days; it might be that the clearance has just begun. There are still many crypto fake accounts left.

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