Sam Bankman-Fried and his crypto hedge fund Alameda Research benefitted from the fake bot activity on Twitter, which drove up the prices of several altcoins.
NCRI researchers conducted a scaled analysis on Twitter examining over 3 million tweets from Jan. 1, 2019, to Jan. 27, 2023, pertaining to 18 different cryptocurrencies in partnership with New Jersey GovSTEM Scholars. They also shared their findings with X Corp. days ahead of publication.
The NCRI study pointed to Musk's June 24, 2023, retweet of a post featuring a kitten and the caption, "I wake up there is another PSYOP," a coin created by a pseudonymous Twitter influencer known as Ben.eth. Trading of this altcoin nearly doubled in volume over the next day, according to CoinMarketCap data.
The NCRI findings raise significant questions about social media driven market manipulation in the broader crypto markets. The study also highlights the considerable challenge Musk faces in reigning in bot activity that was pervasive on the social media platform for years and still persists there.
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