Twitter Suspends Meme Coin-Linked Bot “Explain This Bob,”Elon Musk Alleges Scam
The popular artificial intelligence-powered bot “Explain This Bob” has been suspended by Twitter following accusations of being a “scam crypto account” made by Elon Musk.
The bot, which has amassed over 400,000 followers, used OpenAI’s GPT-4 model to comprehend and respond to tweets. Created by Prabhu Biswal from India, the bot was associated with the meme coin Bob Token (BOB), resulting in a 45% price drop for BOB after the suspension.
Musk’s tweet calling the account a scam marks a notable reversal from his earlier endorsement of the bot, where he tweeted, “I love Bob” in April.
Twitter’s Crackdown on Scam Promotion Leads to Suspension of Bob-Related Bots
Twitter has taken action against scam promotion by suspending two automated bots, including the popular @ExplainThisBob and @AskTheWassie accounts. The suspension comes as part of Twitter’s efforts to crack down on accounts that exploit its verification system or engage in misleading self-promotion.
The @ExplainThisBob account gained popularity for its witty responses and humorous summaries, attracting engagement from Elon Musk himself. Following Twitter’s actions, Bob Token’s (BOB) price experienced a 45% decline, reaching a market capitalization of $13 million.
The suspension has sparked a debate on social media, with supporters of the BOB rallying behind the hashtag “FREEBOB” and claiming the token is not a scam, as it was launched fairly and operates with a fully decentralized 0% tax mechanism.
Tackling the Rising Menace of Crypto Trading Scams on Twitter
With numerous fraudulent accounts and schemes targeting unsuspecting users, Twitter has been plagued by crypto trading scams. Scammers often impersonate influential figures in cryptocurrency, such as Elon Musk or Vitalik Buterin, to gain credibility and manipulate users into sending them funds or personal information.
These scams are typically carried out through fake giveaways, where users are promised significant returns on their investments in exchange for sending a small initial amount of cryptocurrency. Additionally, some scammers create bot accounts that promote pump-and-dump schemes, artificially inflating the prices of certain cryptocurrencies before selling off their holdings and leaving other investors at a loss.
Twitter has been working to combat these scams by suspending accounts involved in fraudulent activities. Still, users must remain vigilant and exercise caution when engaging in crypto-related discussions on the platform. It is crucial to verify the authenticity of accounts and refrain from sharing personal or financial information with untrusted sources.
Let us know if the worst happens and you fall victim to the Twitter crypto scam. Our CipherTrace crypto analysts can help you track and trace your digital coins and find out where the money is. With a detailed report, you can contact the authorities and law enforcement. Book a free consultation today!