all about cryptop referances
Six US senators have demanded answers from Meta CEO Mark Zuckerberg about how his company handles cryptocurrency scams on social media platforms, including Facebook, Instagram and Whatsapp. “We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers,” the lawmakers wrote.
US Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders and Cory A. Booker jointly sent a letter Thursday to Mark Zuckerberg, chairman and CEO of Meta, about the company’s “efforts to combat cryptocurrency fraud on social media media platforms, including Facebook, Instagram and Whatsapp.”
Citing “recent reports of fraud on other social media platforms and apps,” including data from the Federal Trade Commission (FTC), the senators wrote:
We are concerned that Meta provides breeding grounds for cryptocurrency fraud that causes significant harm to consumers.
“While crypto scams are widespread in social media, several of Meta’s sites are particularly popular hunting grounds for scammers,” the letter describes. “Among consumers who reported being scammed out of cryptocurrency on a social media site, 32% identified the scam as originating on Instagram, 26% on Facebook and 9% on Whatsapp.
The lawmakers asked Zuckerberg seven questions regarding Meta’s current policies related to cryptocurrency fraud. They are requesting that the Meta chief respond with detailed information by October 24.
For each of Meta’s social media platforms, the questions include how the company finds and removes crypto scammers, educates and warns users about crypto scams, and helps victims of fraudulent crypto schemes. The senators also asked how Meta verifies that crypto ads are not scams and what regulatory licenses are required to advertise on its platforms. They also asked to what extent Meta cooperates with the police to track down fraudsters.
US authorities have warned that fraudsters are increasingly using social media to defraud investors. In August, the US Securities and Exchange Commission (SEC) warned investors about scammers exploiting their fear of missing out (FOMO) on social media.
Have you come across any scams on Meta’s platforms including Facebook, Instagram and Whatsapp? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
