The world of cryptocurrency is no stranger to bad actors. In recent years, there has been an increase in the number of malicious individuals who use social media and other outlets to attack legitimate projects.
These attacks can range from blackmailing and threats against a project’s CEO, spreading false information about the project, or using scare tactics to dissuade potential investors from investing in crypto projects.
It is important for people involved in the crypto space—investors or users—to be aware of these tactics to protect themselves against them.
This article will explore how bad crypto journalists use social media to attack legit projects, why this issue should worry you, strategies for detecting such attacks, and what you can do to support legitimate crypto projects.
Why Bad Journalism Is an Issue that Should Worry You
You may think that, as long as a bad “journalist” does not target you, it’s not an issue that should concern you. However, bad crypto journalism can have a real and lasting impact on the entire crypto market.
For example, bad journalists may spread rumors and lies about a particular project to drive down its value or discredit it completely. This could lead to investors losing money, as well as a loss of confidence in the entire crypto market.
Furthermore, this behavior can make it more difficult for legitimate projects to get funding and recognition, leading to fewer opportunities for innovation and growth within the industry. Thus, people must take steps to protect themselves against these malicious actors.
How Bad Crypto Journalists Attack Legit Projects
There are five common tactics that bad crypto journalists use to attack legitimate projects.
- Spreading False Information – Bad journalists may make up false information about a project or its team to discredit it.
- Slandering the Project’s Team – Bad journalists may also spread rumors about a project’s team members to discredit them.
- Creating Fear – Another common tactic bad crypto journalists use is spreading fear about a project to dissuade potential investors from investing in it.
- Targeting Individuals – Bad crypto journalists may also target certain individuals associated with the project, such as its CEO, to discredit them and, ultimately, the project.
- Using Trolling – Bad journalists may also use trolling and harassment tactics to spread false information or pressure individuals associated with the project.
Strategies to Detect Social Media Attacks
It may look unreal to you, but there are people out there who are actively trying to target legitimate crypto projects. That’s why it’s important to be able to detect these attacks so that you can protect yourself and support legitimate projects.
Here are a few strategies that can help you spot malicious actors:
- Pay Attention to Their Tone – Bad journalists often use hostile and aggressive language when attacking projects. Pay attention to the tone of their posts or articles to detect if they are trying to incite fear or paint a project in a negative light.
- Look for Repetitive Messages – Bad journalists may also use repetitive messages to quickly spread false information about a project. Keep an eye out for the same messages being repeated repeatedly, as this may indicate that someone is trying to manipulate the market.
- Verify Their Sources – Bad journalists may also use false or misleading sources to spread information about a project. Make sure to verify their sources before believing anything they say.
In case you need a few recent examples of bad journalism in the crypto world, you can ask Apollo Fintech’s CEO, Stephen McCullah, to tell you his story.
Apollo is a company attempting to disrupt the financial system through blockchain technology. This legitimate project had to face criticism (and worse) from bad journalists who didn’t believe in the project or wanted to spread false information about it.
Danny De Hek, for instance, frequently attacks McCullah on his platforms and has spread false rumors about Apollo and other projects.
Sultan Kassam, another bad crypto journalist, currently directing three different companies, has also been caught spreading false information about the project and using aggressive tactics to target its partners.
This list could go on and on, but we certainly do not want to give these people the fame they crave. Suffice it to say, there are malicious actors out there who want to discredit projects and spread false information.
What You Can Do to Support Legitimate Crypto Projects
It’s very important to be aware of these tactics bad crypto journalists use and take steps to protect yourself against them. Pay attention to the tone of their messages, verify their sources, and look for repetitive messages to identify attacks.
At the same time, it’s important to support legitimate crypto projects and protect them against malicious actors. You can do this by using your platforms to spread accurate information about the projects you believe in and refuting false claims made by bad journalists.
Finally, make sure to report any suspicious activity or messages to the relevant authorities so that they can take action and protect the crypto market from malicious actors.