Twitter halts its "blue check" feature after bogus accounts took over.

After users were discovered impersonating companies and other persons under the guise of parody, Twitter was forced to halt its $7.99 verification service. Users had the option to obtain a verification label as part of the platform's premium service, but now fake users are taking use of this feature.

Initially, only iPhone users had access to the Twitter Blue premium service. It is no longer available on the iOS app as of Friday. Twitter's attempts to monetize through subscription services have been seriously damaged by the recent wave of impersonations.

It also doesn't do much to calm down advertisers who were considering pausing their advertising on the site out of concern that they would be associated with false material.

“We are excited to announce insulin is free now.” tweeted a user posing as the pharmaceutical company Eli Lilly.

In addition to having to respond to the bogus tweet sent from the company's original handle, its stock prices plummeted.

Tesla, owned by Elon Musk, suffered the same fate: "Honestly, the 53% decline in stock price doesn't phase us. We are the ones who are most knowledgeable about Crashing.

After advertisers abandoned the network in droves, Twitter has been squeezing every last drop of money it can get. Owner Musk put the blame on "activists" who sought to dissuade the platform's high-spending advertisers from placing ads.