X mulls new rules for first-time crypto posts amid tortoise scam

An executive said the social media platform could lock accounts mentioning crypto for the first time and require verification after a scammer faked reports of a tortoise's death.

Social media platform X is considering implementing new rules for first-time user posts about crypto in an effort to crack down on scammers using phishing attacks to gain access to accounts.

Nikita Bier, the head of product at the platform formerly known as Twitter, made the announcement on Wednesday amid reports that a scammer pretending to be a veterinarian previously responsible for the health of a 193-year-old tortoise named “Jonathan” conned social media users into buying crypto before the truth was revealed.

Bier said that X could auto-lock accounts mentioning crypto for the first time and require them to go through verification. “This should kill 99% of the incentive, especially since Google isn’t doing shit to stop the phishing emails,” read his post.

A scammer pretending to be the veterinarian responsible for Jonathan reportedly posted a link to a Solana-based memecoin before the BBC and other news outlets revealed the truth on Thursday.

Data from CoinMarketCap showed the price of the Solana-based memecoin, called JONATHAN, surged by more than 6,000% amid the social media posts before sharply dropping. At the time of publication, the token was priced at $0.00007043.

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According to the BBC report, a scammer on the social media platform X, pretended to be veterinarian Joe Hollins, posting that the tortoise had died on the British territory of Saint Helena, an island in the Atlantic. The account reportedly linked to a Solana blockchain memecoin based on Jonathan’s death.

“Jonathan the tortoise is very much alive,” said the real Hollins in a statement to The Guardian. “I believe on X the person purporting to be me is asking for crypto donations, so it’s not even an April fool joke. It’s a con.”

Many scammers have used anonymous or pseudonymous accounts on social media platforms to convince users to send crypto based on false pretenses. Although impersonating an animal like Jonathan is unusual, people have created unauthorized memecoins based on Japanese Prime Minister Sanae Takaichi, US President Donald Trump, and many other public figures.

Many hackers have used X accounts or gained access to legitimate accounts to post scams like fake memecoins or claims to “double your money.”

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Source: CoinTelegraph