X Platform Introduces Automatic Account Locking to Combat Crypto Scams

X, a social media platform, is set to introduce a new security feature to combat crypto-related phishing scams. The platform will automatically lock accounts that mention cryptocurrency for the first time, as announced by Nikita Bier, Head of Product. To regain posting privileges, users will need to undergo additional verification. This move targets the primary motivation behind these phishing attacks, which involves hijacking accounts to promote fraudulent crypto schemes. According to Bier, this feature is expected to eliminate 99% of the incentive for such attacks. The decision comes after a user shared their experience of falling prey to a phishing email disguised as a copyright infringement notice, resulting in their account being hijacked and used to promote fake crypto projects. Such attacks have been common on the platform, often involving "double your money" scams, fake memecoins, and impersonation tactics. The new feature aims to render hijacked accounts useless for scammers by cutting off the tactic at its root. This is the latest in a series of security measures implemented by X, including bot purges, API restrictions, and behavioral detection, to bolster its security and protect users from phishing attacks.