Social media platforms have implemented verification features to prevent scammers from impersonating legitimate organizations. However, according to cybersecurity researcher ZachXBT, this well-intentioned feature has inadvertently created a new black market. In the past, verified accounts were easily identified by blue checkmarks. But now, blue checkmarks indicate that the account owner has an X Premium subscription and meets certain requirements. Government officials, multilateral organizations, and individuals acting as government representatives qualify for a grey checkmark, while business organizations can obtain a gold checkmark and a square profile picture.
To maintain a gold checkmark, organizations are required to pay a hefty price of $1,000 per month. The idea behind this high cost was to discourage scammers who would likely choose not to invest in verification. However, this assumption fails to account for the immense profit scammers can generate by impersonating crypto projects to promote fake airdrops and investments. Unfortunately, this means that scammers are willing to pay the price, making it trivial for large organizations to obtain the gold checkmark.
Impersonation has become a significant issue on social media platforms. Scammers are creating fake accounts with gold checkmarks, imitating genuine businesses, and then promoting fake token airdrops. These schemes not only drain users’ wallets but also collect sensitive information from the holders of those wallets. It’s a disturbing trend that puts individuals at risk and erodes trust in the verification system.
Cybersecurity researcher ZachXBT highlighted the growing problem by sharing his discovery of twelve impersonation accounts in just two days. These accounts all had gold checkmarks and were falsely representing actual businesses. Many of these impersonation accounts are first sold on channels like Telegram before being launched on crypto Twitter. The illicit profit generated by these accounts often reaches five figures, far surpassing the trivial amount spent on creating them.
While some of ZachXBT’s followers offered to help ban the identified impersonation accounts, everyone involved acknowledged that it would only be a temporary solution. To maintain its position as the leading platform for businesses to engage with their customers, X must take immediate action to restore confidence in its verification process. The impersonation issue poses a threat to both users and legitimate organizations and cannot be ignored.
The unintended consequences of social media verification features have given rise to a thriving black market where scammers can easily obtain the credibility of verified accounts. Impersonation accounts, often sold on external channels, are used to deceive users and orchestrate fraudulent schemes. The robustness of any social media platform’s verification process is crucial in preventing impersonation and restoring trust among its user base. Urgent measures are required to combat this growing problem and protect both individuals and legitimate organizations from the harmful effects of online impersonation.