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A group of six U.S. senators have expressed concern that social media owned by Meta has become a fertile medium for the spread of cryptocurrency scams.
According to the Federal Trade Commission (FTC), in the first quarter of 2022 alone, about 49% of all reports of fraudulent cryptocurrency projects were posted on social networks owned by Meta. Participation in “investment scams” with cryptocurrency led to losses of users by more than $ 400 million Survey data among victims showed that 32% faced fraud on Instagram, 26% on Facebook and 9% on WhatsApp.
Senators requested from the CEO of Meta Mark Zuckerberg (Mark Zuckerberg) a report on measures to combat cryptocurrency fraud. In a letter to Zuckerberg, the senators recalled that the company had previously recognized the potential for the presence of cryptocurrency scammers on its social media platforms and understands the risks to users associated with this type of content.
In January 2018, Meta, formerly known as Facebook, banned cryptocurrency advertising, stating that “there are many companies advertising ICOs and cryptocurrencies that operate in bad faith.” However, it seems that these measures were not enough. Senators are asking Zuckerberg to provide detailed information on anti-fraud measures on Meta’s social media platforms by October 24.
In particular, the senators are interested in the company’s policy of actively identifying and blocking the accounts of cryptocurrency fraudsters, the procedures for verifying the accuracy of reports on cryptocurrency projects, informing users about the risk of cryptocurrency fraud, as well as the degree of cooperation with law enforcement agencies.
Earlier, Meta integrated NFT into its social networks Facebook and Instagram as part of the program of globalization of the collector’s token market.
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