No connection

Search Results

Regulation Score 45 Neutral

X Introduces Auto-Lock Feature to Combat Crypto Scams on Social Platform

Apr 02, 2026 15:28 UTC
X, BTC-USD, ETH-USD
Short term

Elon Musk's X is rolling out a new security measure to auto-lock accounts that mention cryptocurrency for the first time, aiming to curb phishing attacks. The feature requires additional verification before users can post again.

  • X will auto-lock accounts mentioning crypto for the first time to prevent phishing.
  • Users must complete additional verification to post again after auto-lock.
  • The feature targets the incentive behind account hijacking for crypto scams.
  • A 2020 incident involving a fake Bitcoin giveaway highlighted the need for stronger security.
  • X has previously used bot purges and API restrictions to enhance security.
  • Bier criticized Google for failing to stop phishing emails at the source.

Social media platform X, formerly known as Twitter, is implementing a new security feature to combat the rising threat of cryptocurrency phishing scams. The platform will automatically lock any account that mentions cryptocurrency for the first time in its history, according to Nikita Bier, X's Head of Product. Users will need to complete additional verification steps to regain posting privileges. This measure is designed to disrupt the incentive behind account hijacking, where attackers exploit compromised accounts to promote fraudulent crypto projects. The decision follows a detailed account from an X user who fell victim to a phishing scam disguised as a copyright violation notice. The attacker used a convincing fake login page to steal two-factor authentication codes, locking the user out and using their account to promote scams. These attacks have been prevalent on X, with tactics such as 'double your money' scams and fake memecoins being common. The 2020 incident where hackers accessed Twitter's internal systems to promote a fake Bitcoin giveaway, resulting in over $100,000 in losses, highlighted the vulnerabilities of social media platforms. X has previously attempted to enhance security through bot purges and API restrictions. The new auto-lock feature aims to render hijacked accounts ineffective for scams by targeting the root cause. Bier also criticized Google for not adequately preventing phishing emails at the email level, emphasizing the shared responsibility in protecting users from such attacks.

Sign up free to read the full analysis

Create a free account to unlock full AI-curated market articles, personalized alerts, and more.

Create Free Account Already have an account? Sign In
Share this article

Related Articles

Score 25

Amazon to apply 3.5% fuel surcharge to third-party deliveries

Apr 02, 17:53

Stay Ahead of the Markets

Join thousands of traders using AI-powered market intelligence. Get personalized insights, real-time alerts, and advanced analysis tools.

Get Started Free View Plans
Features Terminal AI Assistant Analysis Market News Pricing
Start Trading with AI Already have an account? Sign In
Home
Terminal
AI
Markets
Profile