Social media bots suspected in possible FTX crypto price manipulation, reveals report | Headlines | News | CoinMarketCap
08/03/2023 21:23
A new report by the Network Contagion Research Institute (NCRI) suggests that social media activity, especially from inauthentic accounts, may have …
A new report by the Network Contagion Research Institute (NCRI) suggests that social media activity, especially from inauthentic accounts, may have significantly amplified the value of certain cryptocurrencies listed on the now-defunct FTX exchange.
According to the report, Twitter activity surrounding FTX-listed tokens like Gala (GALA) and ImmutableX (IMX) often featured many bot-like and inauthentic accounts, comprising around 20% of total online chatter about these assets.
Further analysis revealed that for half of the FTX-listed tokens studied, this inauthentic Twitter activity appeared to forecast subsequent price changes.
The report notes that “inauthentic networks successfully and deliberately deployed to influence changes in FTX [listed] coin prices.”