Twitter has a direct incentive to turn blind eye to fake accounts, says LunarCrush CEO

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Twitter has a direct incentive to turn blind eye to fake accounts, says LunarCrush CEO

Joe Vezzani, CEO of LunarCrush, believes that Twitter TWTR has a direct incentive to turn blind eye to fake accounts on its platform.

What Happened: LunarCrush tracks social insights for cryptocurrencies like Bitcoin BTC USD, Ethereum ETH USD, Doge coin DOGE USD, and Shiba Inu SHIB USD on various platforms.

In just two years, the amount of spam in the space has increased by 3,894%, according to a May 25 report from the company.

The spam volume from Twitter alone has gone up 1,374% over the same period - something that LunarCrush CEO Joe Vezzani doesn't find surprising.

Vezzani told Quantum Economics founder Matti Greenspan that there is an incentive to blind eye to fake accounts because it increases the value of their platform, as a result of the web 2 platform like Twitter.

If you have a tokenized incentive system, you want to have as many real users as possible who are holding the asset long term rather than trying to extract value from the community. Why Does It Matters: Tesla Inc TSLA CEO Elon Musk said that his deal to acquire Twitter was temporarily on hold until the social media platform is able to verify that spam accounts represent less than 5% of users.

In a recent interview, Musk said that he believes that at least 20% of Twitter accounts are fake and that 90% of user accounts are spam.

The leading digital asset,BTC Price Action, was trading at $29,000 at press time, down 2.59% over the last 24 hours, according to data from Benzinga Pro.