CZ urges Elon Musk to ban bots on the X social media platform
Binance co-founder Changpeng Zhao (CZ) urged Elon Musk to ban bots — automated accounts that spam the social media site and are used to amplify content or for coordinated attacks — from the X platform."If someone uses Gr...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Binance co-founder Changpeng Zhao (CZ) urged Elon Musk to ban bots — automated accounts that spam the social media site and are used to amplify content or for coordinated attacks — from the X platform.
"If someone uses Grok, ChatGPT, or DeepSeek to generate a tweet and copy and paste it here, fine, but API posting should be disabled," CZ wrote in a March 9 X post.
In a separate comment, the Binance founder differentiated automated social media bots from AI agents, saying that the latter was helpful in real-world applications such as booking hotels or writing code without having to socialize with them.
Automated bots are a well-documented problem on X that spam the site and are particularly active in the crypto sphere of influence — plaguing users with scam messages advertising fake tokens, phishing links to malicious sites, and pump-and-dump schemes.
Source: CZ
Related: Pig butchering scams stole $5.5B from crypto investors in 2024 — Cyvers
X has a massive bot problem that just won't go awayThe crypto community has been asking Musk to tackle the bot problem since he bought the platform in 2022. However, little has been done to curb the issue.
Musk has proposed several solutions to automated bots, including asking users to register a credit card that would incur a small fee of several cents to impose a cost on new account creation, preventing bot farms from mobilizing armies of fake accounts.
Often, these bots impersonate crypto influencers and industry leaders to peddle fake tokens or redirect users to malicious sites through phishing links designed to steal funds.
AI-powered chatbots have also supercharged romance scams. These scams feature a long time horizon where a threat actor pretends to have a romantic interest in their target to build up trust with the victim over time.
Once trust is sufficiently established, the malicious actor typically requests funds from the target either through feigning financial problems or pitching a fake investment scheme.
A 2023 study from the Network Contagion Research Institute also found that bots were responsible for manipulating altcoin prices by using coordinated posts from multiple bots to artificially pump prices.
Magazine: How crypto bots are ruining crypto — including auto memecoin rug pulls
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CointelegraphRelated market context
Binance Lets All Users Run AI-Built Trading Strategies Following Successful Beta
Binance made its AI Pro strategy agent available to all users on Monday, adding a free tier to a product that had been open only a...
Musk’s SpaceX Earnings Rocket Higher as Bitcoin Stash Holds Firm
SpaceX delivered a blockbuster third quarter, generating $14.6 billion in revenue, $4.4 billion in net income, and $8.8 billion in...
Polymarket US hits $8.7 billion as Coinbase and Roundtable push stablecoin media payments
The rise of Polymarket and stablecoin media payments could reshape financial transactions, blending sports betting with blockchain...
NEAR launches crypto treasury platform with private payments across 35 blockchains
NEAR's platform could revolutionize crypto treasury management by enhancing privacy and efficiency, potentially attracting more in...
Nectar Group raises $5 million seed round for HoneyB Bitcoin yield platform
Nectar Group's funding for HoneyB could reshape institutional Bitcoin use, but success hinges on market conditions and strategy pe...
1inch discontinues crypto debit card and urges users to withdraw funds by December 18
The closure of 1inch's card service highlights the complexities and dependencies in crypto payment systems, impacting user trust a...