Cryptocurrencies
Senators Ask Meta How It’s Fighting Crypto Scams on Platforms
- FTC in June warned of scams originating on social media
- Lawmakers concerned Meta offers ‘breeding ground’ for fraud
This article is for subscribers only.
A group of Democratic senators has asked Meta Platforms Inc. CEO Mark Zuckerberg what his company is doing to stop cryptocurrency scams on its social platforms, including Facebook and Instagram.
The Federal Trade Commission in June said more than 46,000 people reported losing more than $1 billion in cryptocurrency to scams between January 2021 and March 2022. Nearly half of those people said the fraud started with an ad, post, or message on a social media platform, the FTC said at the time.