Social media platform X is poised to introduce new regulations for first-time user posts related to cryptocurrency, aiming to combat rampant phishing scams. Nikita Bier, head of product at X, announced that accounts mentioning crypto for the first time could be auto-locked, requiring verification to deter scammers. This move follows a bizarre incident where a scammer impersonated a veterinarian to promote a Solana-based memecoin linked to a fictitious death of a tortoise named “Jonathan,” causing the token’s price to skyrocket by over 6,000% before plummeting.
This initiative highlights the growing concern over the intersection of social media and cryptocurrency, particularly as scams proliferate in the space. The volatility of the memecoin market, as evidenced by the rapid price fluctuations of JONATHAN, underscores the risks for investors and the need for enhanced security measures on platforms like X.
For market professionals, the potential implementation of stricter posting rules could impact trading strategies, particularly in the speculative memecoin sector, as investor confidence may hinge on the credibility of platforms facilitating these transactions.
Source: cointelegraph.com