Cryptocurrency scammers love social media—especially Meta’s platforms. The Federal Trade Commission says hundreds of millions of dollars were scammed from U.S. consumers in 2021 (and that’s just the scams the FTC knows about).
And the problem’s growing incredibly fast—with no hint of a fix in sight. Meta claims to be “tackling” it, but we’ve probably all experienced scam reports to Facebook and Instagram being ignored or closed with no action. But why expect anything different? Meta makes money from all the scam ads and “engagement.”
Of course, some say all cryptocurrencies, NFTs and DeFi are scams. In today’s SB Blogwatch, we couldn’t possibly comment.
Your humble blogwatcher curated these bloggy bits for your entertainment. Not to mention: Nothingverse.
Imaginary Money Enriches Zuckerberg
What’s the craic? Sarah Perez reports—“US consumers lost $770 million in social media scams in 2021, up 18x from 2017”:
“A large majority … involve cryptocurrency”
A growing number of U.S. consumers are getting scammed on social media. … That number has also increased 18 times … the FTC said, as new types of scams involving cryptocurrency and online shopping became more popular. This has also led to many younger consumers getting scammed.
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Facebook and Instagram were where most of these social media scams took place. … More than half (54%) of the investment scams in 2021 began with social media platforms, where scammers would promote…
