The social media platform X plans to automatically lock new accounts that post about cryptocurrency for the first time and require verification. This measure, announced by Nikita Bier, aims to prevent scammers from accessing accounts via phishing attacks and conducting scams. Bier stated that this change will eliminate 99% of fraud.
X Platform’s New Brake on Crypto Scams
The reason for the announcement was a scammer impersonating Joe Hollins, the veterinarian of Jonathan, the world’s oldest tortoise at 193 years old, to promote the Solana-based JONATHAN memecoin. The scammer claimed the tortoise had died and shared a link; according to CoinMarketCap data, the memecoin price rose more than 6,000% to reach its peak, then crashed sharply and fell to $0.00007043 at the time of publication. The real veterinarian Hollins told BBC and The Guardian that Jonathan is alive and that this is a scam. Similar memecoin scams are frequently seen on X.
X post from scammer pretending to be the tortoise’s veterinarian. Source: JoeHollinsVet
How Did the Jonathan Memecoin Scam Work?
The scammer took over Joe Hollins’s account and fabricated an emotional story: that Jonathan had died and a JONATHAN token was launched in his memory. Users rushed to click links and connect their wallets, leading to a pump-and-dump. This shows how memecoin hype in the Solana ecosystem increases phishing risks. X’s locking feature will prevent similar cases by freezing accounts on their first crypto post and requiring identity verification.
Positive Development Amid Solana Scams: SBI’s Choice
Despite scam news, Solana is attracting institutional interest. SBI Holdings’ B2C2 platform has selected SOL detailed analysis as the primary stablecoin network for institutional clients. This will strengthen stablecoin transactions with Solana’s speed and low fees, potentially increasing trust against scams.
JOE Technical Analysis: Levels to Watch
The JOE coin, reminiscent of the Joe Hollins incident, is currently at $0.04, down -2.57% in 24h. RSI 42.03 (neutral), downtrend dominant. Supports: S1 $0.0325 (strong, -10.96%), S2 $0.0356 (-2.47%). Resistances: R1 $0.0379 (+3.84, strong), R2 $0.0405 (+10.96%). Below EMA20 $0.0386, bearish signal. Investors should watch S1 for JOE futures. To avoid similar scams, verify Solana ecosystem projects.
Source: https://en.coinotag.com/x-introduces-account-locking-against-crypto-scams
