US senators demand concrete steps from Zuckerberg to protect against cryptocurrency fraudsters

A group of six Democratic senators has requested written explanations on how to combat crypto scams on Facebook, Instagram, and WhatsApp from Meta CEO Mark Zuckerberg.

In their letter, they cite a study by the Federal Trade Commission (FTC) that found that 49% of all cryptocurrency fraud occurs on social media. In the period from January 1, 2021 to March 31, 2022, according to the FTC, up to half a billion US dollars were stolen through social media.

Zuckerberg has until October 24 to respond. In his response, he is expected to provide details on the practices of counteracting hackers, fraudsters and details on the strategic vision of this issue from the Zuckerberg team.

It is worth noting that the problem of crypto fraud on social media is not new — fraudsters use YouTube for this purpose, and sometimes social networks indirectly help them.