crypto-scams
Reduced Crypto Scams

US Senators Want Reduced Crypto Scams On Meta-Owned SM Platforms

Senate democrats from the US Senate have interrogated Mark Zuckerberg, the CEO of Meta, on the business’s policies for handling crypto scams.

U.S. Senators On Crypto Scams

U.S. Senators including Sherrod Brown, Dianne Feinstein, Elizabeth Warren, Bernie Sanders, Robert Menendez, and Cory Booker reportedly called for Mark Zuckerberg, the CEO of Meta, on Friday. Their purpose was to inquire about the company’s plans to help crypto fraud victims and uncover these scams.

At the moment, Meta has control over major social media platforms like Facebook and its Messenger, WhatsApp, and Instagram. This justifies the action taken by U.S. Senators on crypto scams.

A statement by the group of senators mentions that:

“Based on recent allegations of frauds 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.”

Over time, the crypto scammers and fraudsters have used various mediums and methods to extract huge amounts of crypto investments. The most common mode of carrying out fraudulent activities was social media. This is because of the fact that these platforms are often not moderated against theft or scams. The FTC report suggests that social media caused a loss of about four out of every ten dollars reported to be lost. The platforms that topped the list include Instagram (32%), Facebook (26%), WhatsApp (9%), and Telegram (7%).

crypto-scams-losses-top-social-media-platforms
Since the Meta-owned platforms topped the list of social media that were used to carry out cryptocurrency frauds, the U.S. Senators were bound to take such an action.

Similar to this event, in a July recommendation, the United States Federal Bureau of Investigation focused on bitcoin theft and warned users about applications that pose as reliable companies and steal their logos and other identifying information. Additionally, a lot of naive people have been tricked by scams including hacked accounts, fake websites, bogus cryptocurrency ventures, and airdrops, on platforms such as Twitter and YouTube.

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