Elon Musk’s Offer of Free Premium Features on X Attracts Crypto Scammers

Elon Musk has announced that influential accounts on X will no longer be charged for certain premium features, provided they meet specific criteria. However, these conditions could potentially benefit accounts involved in cryptocurrency scams.

On March 28, Musk revealed that accounts with 2,500 verified subscribers as followers will now receive free access to “Premium” features on X. Moreover, accounts with over 5,000 followers will be granted complimentary access to “Premium+.”

X offers paid subscriptions across three tiers of premium services—Basic, Premium, and Premium+—which offer increasing levels of features for content creators within the X platform.

Nevertheless, the ability to purchase verification on Twitter has facilitated scammers and malicious actors in impersonating influential figures and deceiving their followers with various scams.

Musk introduced the paid verification model on X, formerly known as “Twitter Blue,” as a measure to combat the prevalence of scammers and spammers on the platform before his involvement.

However, members of the crypto community argue that the X Premium features may still assist scammers in more effectively targeting potential victims.

While some individuals welcomed Musk’s decision not to charge verification fees for popular accounts, skeptics have raised concerns about potential loopholes due to the lack of information regarding the platform’s internal mechanisms to ensure eligibility.

Notably, prominent game developer Tyler Glaiel expressed his skepticism:

“Haha so a bot farm can buy 2500 accounts and then use those to verify infinite accounts (or have them all follow each other and then stop paying?)”

Some users, while acknowledging the potential costs involved, echoed Glaiel’s concerns, speculating that the new feature could incentivize large groups of scammers to collaborate and repurpose accounts for various cyberattacks.

Certain smaller accounts on X perceive Elon Musk’s recent decision as favoring the affluent, while others encouraged fellow verified users to exploit the system by reciprocally following each other to access free premium services.

In a related development, X has launched a dedicated payments account, prompting speculation within the crypto community.

X is cognizant of the concerns surrounding verified scam accounts. In January 2024, the platform adjusted pricing for verified organizations, aiming to counter the proliferation of “gold check” accounts dedicated to promoting crypto scams.

A recent report by CloudSEK highlighted the prevalence of malicious campaigns targeting X users with job and crypto scams, often necessitating a Twitter Gold account.

However, some speculated that the price adjustment may have been a strategy to attract more paid subscribers.

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