CEO of Meta Platforms, Mark Zuckerberg, has been asked in a letter from a group of Democratic senators about what he plans to do about fighting cryptocurrency scams on its Facebook, WhatsApp, and Instagram platforms.
Zuckerberg received a letter from six Democratic senators in which they cited statistics from the Federal Trade Commission that indicated that 49% of cryptocurrency fraud reports specified scams originating on social media from January 1, 2021, through March 31, 2022. According to the letter from the Senate Banking Committee members, scams of this origin cost consumers about $417 million. The Senate Banking Committee members include Bob Menendez of New Jersey who led the committee, Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts, Dianne Feinstein of California, Bernie Sanders of Vermont, and Cory Booker of New Jersey.
According to sources, the group of senators said:
Based on recent allegations of fraud on other social media platforms and apps, we are worried that Meta provides a breeding ground for bitcoin fraud that does serious harm to consumers.
The letter, dated September 8, requested that detailed information be provided in writing by October 24 to a series of queries, including Meta’s current policies for finding and removing cryptocurrency scammers from its social media platforms, procedures for verifying that crypto advertisements are not scams, the corporation’s policies for removing scammers from its platforms, and how the company is cooperating with law enforcement to track down scammers.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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