Zuckerberg Asked Senators What He’s Doing to Fight Social Media Crypto Scams

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Meta Platforms CEO Mark Zuckerberg was interviewed in a group letter Democratic senators what his company is doing to fight cryptocurrency scams on its Facebook, Instagram and WhatsApp platforms.

Federal Trade Commission data shows that 49% of cryptocurrency fraud reports specified scams originating from social media from January 1, 2021 through March 31, 2022, costing consumers an estimated $417 million, the letter notes. six members of the Senate Banking Committee.

The senators were led by Bob Menendez of New Jersey and included Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts, Dianne Feinstein of California, Bernie Sanders of Vermont and Cory Booker of New Jersey.

The letter, dated September 8, requested detailed information in writing by October 24 to a series of questions, including Meta’s current policies for finding and removing crypto scammers from its social media platforms, procedures for verifying that crypto ads are not scams, policies to remove scammers from platforms, how Meta cooperates with law enforcement to track down scammers, and other issues.

In March, the Australian Competition and Consumer Commission said it was taking legal action against Meta, alleging the company had misled Facebook users by posting advertisements for crypto scams featuring local public figures who were unaware of the content.

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

About the Author

Mike Millard has worked as a writer for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for over two decades and now calls the Greek island of Corfu home. He is the author of three books.

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