Mark Zuckerberg Questioned About Plans To Combat Crypto Scams
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Meta Platforms CEO Mark Zuckerberg has been asked in a letter by a group of Democratic senators what he plans to do to fight cryptocurrency scams on its Facebook, WhatsApp and Instagram platforms.
Zuckerberg received a letter from six Democratic senators in which they cited Federal Trade Commission statistics showing that 49% of cryptocurrency fraud reports were social media scams between January 1, 2021 and March 31, 2022. Members of the Senate Banking Committee, scams of this origin cost consumers approximately $417 million. Members of the Senate Banking Committee include Bob Menendez of New Jersey, Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts, Dianne Feinstein of California, Bernie Sanders of Vermont, and Cory Booker of New Jersey, who chaired the committee.
According to sources, the group of senators said:
Based on recent fraud allegations on other social media platforms and apps, we are concerned that Meta is providing a breeding ground for bitcoin scams that will cause serious harm to consumers.
The letter, dated September 8, asked for detailed information in writing by October 24 for a number of inquiries, including Meta’s current policies for finding and removing cryptocurrency scammers from its social media platforms, procedures for ensuring that crypto ads are not scams, the company’s policies for removing scammers from its platforms, and how the company works with law enforcement to track down scammers.
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