Technology

FTC Blames Meta for Over Half of all Social Media Crypto Scams

Social media is taking the blame for yet another of the world’s significant problems, as the Federal Trade Commission (FTC) is putting the onus for the $1 billion lost to cryptocurrency scams on the industry. While cryptocurrency has the potential to be a world-changing technology, its unregulated nature has made it ripe for scams over the last few years. Ransomware attacks in particular demand the digital currency in exchange for sensitive data being held hostage, favored by hackers as it leaves no trail back to them. Now, the FTC has reportedly put the responsibility for the $1 billion lost to cryptocurrency scams on social media platforms and the numbers are hard to argue with. The biggest offender? Meta. A new report from the FTC found that the majority of cryptocurrency scams originated on social media. In fact, almost half of people who fell victim to a crypto scam in 2021 said it “started with an ad, post, or message on a social media platform.” “Reports point to social media and crypto as a combustible combination for fraud,” read the report.

Full story : FTC Blames Meta for Over Half of all Social Media Crypto Scams.

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