Six eminent United States Senators are pressuring Meta Platforms, the Mark Zuckerberg-led social media corporation, to reveal its policies for handling cryptocurrency scams on its platforms.
The Senators asked for particular information about “Meta’s efforts to prevent cryptocurrency scams on its social media platforms, including Facebook, Instagram, and WhatsApp,” in a letter they sent to Zuckerberg.
These frauds, which mostly involved investment and romantic fraud, cost the general public $417 million in losses. Instagram accounted for more than 25% of the events, with social media websites hosting a significant amount of the illegal behaviour.The senators wrote to Zuckerberg to inform him that his organization’s decision to forbid advertisements for initial coin offerings shows that it is aware of the growing threat posed by cryptocurrency scams (ICO).
The seven questions posed to Zuckerberg ask for more information regarding the company’s policies and procedures for identifying and banning scammers from its social media platforms, how the system flags advertisements that may be cryptocurrency scams, and how the business responds to user complaints of crypto scams.