CZ Calls on Elon Musk to Ban Bots on X to Clean Up Crypto Market
Changpeng Zhao (CZ), co-founder of Binance, has called on Elon Musk to take drastic measures to remove bots from the X platform (formerly Twitter). He emphasized that bots are negatively affecting the crypto space, spreading spam, scams, and even manipulating market prices.
The Negative Impact of Bots on Crypto
According to CZ, these automated accounts often promote fake token projects, post phishing links to steal users' assets, and dilute real discussions in the crypto community.
CZ emphasized that it is important to distinguish spam bots from AI agents – tools that can bring real value such as helping with hotel bookings or writing code. While AI agents have the potential to be useful, spam bots on social media are just harmful.
Musk Has Proposed Many Solutions But They Still Don't Work
The bot problem is not new on X. Since Elon Musk acquired the platform in 2022, the crypto community has been calling for action to address this problem.
Musk has proposed many measures, including requiring users to register a credit card and charging a small fee to prevent mass account creation. However, to date, bots are still rampant and continue to negatively affect the market.
Crypto Bots: Price Manipulation and Fraud Tools
In addition to spam, bots are also used as a tool to manipulate crypto prices. A 2023 study by the Network Contagion Research Institute found that bots can create an artificial price pump effect by posting a series of content to attract investors' FOMO.
In addition, bots are also exploited to carry out financial scams. Fraudsters use bots to build trust with victims, then lure them into investing in bogus projects or sending money under the pretext of financial hardship.
Can X Completely Fix the Bot Problem?
Despite CZ’s calls for stronger action, it remains unclear whether Musk will take further steps to stop bots on X. For now, bots continue to disrupt the crypto market, undermine investor confidence, and facilitate fraudulent activities.
Can the X platform find a permanent solution to protect the crypto community in the future? This remains an open question.
