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Twitter’s New Authentication Model Removes Verified Status of Numerous Encrypted KOLs and Founders

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On April 21st, it was reported that since the change in Twitter\’s authentication model, multiple encrypted KOLs and founders\’ \”blue label\” certifications have been removed, includi

Twitters New Authentication Model Removes Verified Status of Numerous Encrypted KOLs and Founders

On April 21st, it was reported that since the change in Twitter’s authentication model, multiple encrypted KOLs and founders’ “blue label” certifications have been removed, including Ripple CEO Brad Garlinghouse, Tezos co founder Kathleen Breitman, Shapeshift founder Erik Vorhees, FTX founder and former CEO Sam Bankman Fried, encrypted payment company Block, and former Twitter CEO Jack Dorsey. However, Brian Armstrong, CEO of Coinbase, Zhao Changpeng, CEO of Binance, Jesse Powell, CEO of Kraken, and Vitalik Buterin, founder of Ethereum, were not affected.

Twitter starts canceling blue label authentication for unpaid accounts

Introduction

On April 21st, it was reported that Twitter had changed its authentication model, resulting in the removal of verified status for several encrypted Key Opinion Leaders (KOLs) and founders. Among those affected were Ripple CEO Brad Garlinghouse, Tezos co-founder Kathleen Breitman, Shapeshift founder Erik Vorhees, FTX founder and former CEO Sam Bankman-Fried, encrypted payment company Block, and former Twitter CEO Jack Dorsey. However, several CEOs and founders, including Brian Armstrong of Coinbase, Zhao Changpeng of Binance, Jesse Powell of Kraken, and Vitalik Buterin of Ethereum, were not affected. In this article, we’ll dive deeper into the issue and explore what this all means.

Why Did This Happen?

Twitter’s recent changes were aimed at increasing transparency and reducing the spread of misinformation on the platform. One of these changes involved removing the “blue label” certification, a badge of status that was previously given to select KOLs and founders. The certification was meant to signify that a user was legitimate and had been verified by Twitter. However, it became clear that this system was flawed, as it was often perceived as a symbol of power and exclusivity rather than authenticity.

Who Was Affected?

As mentioned earlier, several KOLs and founders lost their blue label certification, including some of the most high-profile figures in the crypto industry. Some speculate that the removal was due to Twitter’s desire to distance itself from the industry, which has often been linked to fraud and scams. Additionally, some users were found to have violated Twitter’s terms of service, such as spreading misinformation or promoting illegal activities.

What Does This Mean for the Crypto Industry?

The removal of blue label certification for KOLs and founders certainly doesn’t bode well for the crypto industry’s legitimacy. It’s possible that this could lead to increased skepticism among investors and the public in general, thereby making it even more difficult for companies and projects to gain traction. Furthermore, KOLs and founders who lost their certification are likely to be impacted in terms of their credibility and reputation.

The Future of Twitter and Crypto

It’s unclear what the future holds for Twitter and the crypto industry in light of these changes. Some believe that Twitter’s decision was a step in the right direction towards removing elitism and restoring trust in the platform. Others argue that the move was shortsighted and will only serve to fracture the industry further. Regardless, it’s clear that the crypto industry needs to work towards greater transparency and accountability if it hopes to achieve long-term success.

Conclusion

The recent changes made by Twitter to its authentication model have caused a stir in the crypto industry, particularly among KOLs and founders who lost their blue label certification. While the move was aimed at increasing transparency and reducing the spread of misinformation, it remains to be seen what the long-term impact will be. Ultimately, it will be up to the crypto industry to work together towards greater accountability and legitimacy if it hopes to achieve widespread adoption.

FAQs

1. Why did Twitter remove blue label certification?
Twitter’s recent changes were aimed at increasing transparency and reducing the spread of misinformation on the platform. One of these changes involved removing the blue label certification, a badge of status that was previously given to select KOLs and founders.
2. What impact will this have on the crypto industry?
The removal of blue label certification for KOLs and founders certainly doesn’t bode well for the crypto industry’s legitimacy, potentially leading to increased skepticism among investors and the public in general.
3. What can the crypto industry do to regain trust?
Greater transparency and accountability will be key in restoring trust in the crypto industry and achieving long-term success.

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