LooksRare’s Twitter account suspended with no explanation
Crypto Twitter was left stunned after LookRare’s account was abruptly and mysteriously suspended.
Account “violated Twitter rules”
Twitter recently suspended the official account of the NFT platform LooksRare under unclear circumstances.
LooksRare is an Ethereum-based NFT marketplace that was established in January 2022 by two anonymous co-founders going by the pseudonyms “Zodd” and “Guts.” The platform is an alternative to market leader OpenSea that enables users to buy, sell, stake, trade, and list NFTs. It also gives them a chance to get rewards in the form of the platform’s native token, $LOOKS.
The company’s Twitter posts, images, and account data have been hidden. The only thing visible on LooksRare’s page is its handle and a short policy statement from Twitter explaining it “suspends accounts that violate Twitter rules.”
LooksRare’s community administrator is reportedly trying to find the reason for the suspension. Still, as of the time of writing, no information had been forthcoming from Twitter or the NFT platform.
But while the social media network has so far refrained from making a statement, crypto Twitter members have apparently been trying to collect information about any other accounts that may have been similarly impacted and if they were connected to LooksRare in any way.
Concern over Twitter’s haphazard suspension policies
Incidents of accounts being suspended on Twitter have increased lately. On Jan. 7, Twitter suspended the account of Messari co-founder Rayn Selkis for allegedly impersonating himself. Although Twitter initially described the suspension as “permanent,” it restored Selkis’ account less than 24 hours later.
Going by the handle @twobitidiot, the account has about 300,000 followers, and Selkis uses it to comment on crypto-related news and engage with community members. The long-time crypto insider believes Twitter censorship has gotten “way worse” since Tesla CEO Elon Musk bought the company last year.
Musk previously suspended the accounts of several high-profile journalists for allegedly violating his privacy by tracking and tweeting the real-time location of his private jet. The Twitter CEO claimed the journalists had broken a new rule on the social media platform that prohibited the tracking of planes.
In banning the journalists, Musk appeared to have backtracked on a pledge he made shortly after acquiring Twitter, where he said he would not suspend accounts that tracked planes, including his own.
LooksRare was previously accused of engaging in wash trading
While the exact reason for LooksRare’s suspension is still a mystery, the marketplace has previously been on the wrong end of allegations of impropriety. In April 2022, reports emerged claiming that the platform’s impressive trading volumes were allegedly the result of users selling tokens to themselves to earn LOOKS.
A news report on Bloomberg, citing data from NFT tracker CryptoSlam, indicated that about 95% ($18 billion) of LooksRare’s trading volume at the time could be attributed to wash trading. According to Bloomberg, LooksRare users made the transactions to gain new tokens rather than artificially pump up NFT prices to draw in unsuspecting buyers.
Wash trading is one of the many gray areas of crypto regulation; however, some legal observers believe that the practice is illegal as it is a form of market manipulation.