Elon Musk And Dogecoin Co-Creator Say Twitter Needs To Take Urgent Action Against Crypto Scams

Tesla Inc. TSLA CEO Elon Musk has agreed to a comment by Dogecoin DOGE/USD co-creator Billy Markus that Twitter Inc. TWTR needs to curb cryptocurrency scam activity on its social media platform.

What Happened: Markus asked Twitter to take action on the “super irritating” cryptocurrency scams, to which Musk commented by saying, “Agreed. This has been broken for a long time.”

Agreed. This has been broken for a long time.

— Elon Musk (@elonmusk) February 16, 2022

See Also: How To Buy Bitcoin (BTC)

Why It Matters: In January, Musk criticized Twitter’s decision to let users have verified non fungible tokens (NFT) as profile pictures and suggested that the company was wasting resources on this effort instead of trying to curb spam activity.

Cryptocurrency scams — particularly by impersonators of Musk, Ethereum ETH/USD co-founder Vitalik Buterin and other notable figures— have been widespread in recent years on Twitter.

The scammers typically ask Twitter users to send cryptocurrencies like Bitcoin BTC/USD, Ethereum or Dogecoin to specific wallet addresses, promising to multiply the cryptocurrency that investors send.

Cryptocurrency scammers made nearly $8 billion from investors across the world in 2021, it was reported in December.

Last year, the Federal Trade Commission (FTC) said that Musk impersonators stole over $2 million in cryptocurrency giveaway scams.

Price Action: Bitcoin is up 1.3% during the past 24 hours, trading at $44,043.05 at press time. Dogecoin is up 1.2% during the period to $0.1496.

Read Next: This Dogecoin And Shiba Inu Knockoff Named After Jeff Bezos' Pet 'Luna' Is Up Over 70% Today