U.S. Senator demands Meta disclose its measures to combat cryptocurrency fraud

According to a report from the Federal Trade Commission (FTC), Facebook and Instagram are a "breeding ground" for crypto scams, which are thriving on major platforms such as Instagram and WhatsApp. The FTC pointed out that among the top four platforms identified in these cases, three are owned by Meta. In the reported crypto scams on social media, 32% mentioned Instagram, while Facebook and WhatsApp had mention rates of 26% and 9%, respectively.

In response, Democratic Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, and Bernie Sanders jointly expressed their demand for Meta CEO Mark Zuckerberg to provide a detailed account of the company's policies regarding cryptocurrency scams, the measures taken to assist fraud victims and law enforcement in tracking cases, and whether the company has taken any steps to proactively detect fraudulent activities by October 24. (source link)