It doesn’t take long for scammers to smell an opportunity and take advantage of it. Facebook’s planned cryptocurrency, Libra, isn’t even functioning yet and it turns out there are already a host of people setting up accounts, pages and groups on Facebook and Instagram claiming to be the official hubs of Libra, as discovered by The Washington Post.
This perhaps shouldn’t surprise considering the number of cryptocurrency scams that have arisen over the past few years, but given that this currency isn’t even live yet and still facing scrutiny over regulatory approval, it is quite opportunistic of scammers to try and make a quick buck already and perhaps even more ironic considering they are using the company’s own social media platforms to do so. Facebook currently doesn’t allow cryptocurrency ads from companies that aren’t pre-approved, so at least ads aren’t going out, but the presence of these pages remains a problem, nonetheless.
Give the amount of hype Facebook is giving their planned cryptocurrency, you would also expect them to have measures to stop scammers like this in place and while cracks have surfaced that have led to clear deficiencies in their processes, they at least have time to sort these out before it does launch. In the meantime, the company is reportedly removing all the offending pages as they revealed in a response to the Washington Post:
Facebook removes ads and pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms.
Facebook is not alone in these scams (though clearly has the most to lose from them) as the article also reveals that scam pages have also cropped up on Twitter and YouTube, and last month The Next Web reported on a scam site that had registered the Calìbra.com (note the special character) domain. The site was set up to look identical to the official Calibra.com website but was being used to advertise a “pre-sale” of the currency. The site has since been taken down.
So, while it looks to roll out Libra, it seems Facebook’s biggest obstacles are not just trying to win over governments to their idea but fight off the crafty scammers along the way.
Last Updated: July 25, 2019
Admiral Chief Umbra
July 25, 2019 at 11:52
Did JHB City Power invest?
HvR
July 25, 2019 at 11:52
Heard that Mark is divesting $5billion of Libra later this month.
https://cdn.theatlantic.com/assets/media/img/mt/2018/04/GettyImages_944426802/lead_720_405.jpg?mod=1533691469
Llama In The Rift
July 25, 2019 at 11:59
https://media3.giphy.com/media/98jU7NxuNSSZ2/giphy.gif
For the Emperor!
July 25, 2019 at 12:13
Tinfoil hat – all done by Facebook staff 😛
Admiral Chief Umbra
July 25, 2019 at 12:20
WHICH TYPE OF SCAMMER ARE YOU?
Take the test now
Yahtzee
July 25, 2019 at 12:20
I would just like to thank libra for chasing up the bitcoin price so I could bail out at a nice profit.
Magoo
July 25, 2019 at 12:41
This is going to turn out as a joke of a currency. It’s only purpose will be the same as thousands of other tryhard attempts out there – used by smart people to trade profit off of dumb people and absolutely nothing else whatsoever.
Magoo
July 25, 2019 at 12:41
This is going to turn out as a joke of a currency. It’s only purpose will be the same as thousands of other tryhard attempts out there – used by smart people to trade profit off of dumb people and absolutely nothing else whatsoever.
Viper_ZA
July 25, 2019 at 12:50
Crypto, the ultimate ponzi
Guz
July 25, 2019 at 12:50
And no body saw this coming? lol
Yahtzee
July 25, 2019 at 12:58
Somebody once told me, facebook was gonna roll me
Guz
July 25, 2019 at 12:59
And I ain’t got the fastest ping on the web
Alien Emperor Trevor
July 25, 2019 at 11:59
Scamception!
Gr8_Balls_o_Fire
July 25, 2019 at 12:06
Funny enough, last night I had a dream within a dream, within a dream. Woke up properly confused this morning.
Yahtzee
July 25, 2019 at 12:06
Like chasing the ice cream van in your dream and finding out you forgot your wallet, only to wake up, fetch your wallet and then try to go back to sleep again.
Yahtzee
July 25, 2019 at 12:06
Like chasing the ice cream van in your dream and finding out you forgot your wallet, only to wake up, fetch your wallet and then try to go back to sleep again.
Admiral Chief Umbra
July 25, 2019 at 12:13
What a strange creature you are. Also, haha
HvR
July 25, 2019 at 12:20
Still better movie than Inception
Yahtzee
July 25, 2019 at 12:20
Inception really wasn’t a good movie.
Gr8_Balls_o_Fire
July 25, 2019 at 14:05
Ha! Has it ever worked?
Magoo
July 25, 2019 at 12:34
I once had a nightmare like this. Woke up thinking, thank god that’s over. Except, I didn’t really wake up. Was actually terrifying.
Gr8_Balls_o_Fire
July 25, 2019 at 14:05
Nightmares are fun, they’re like cool horror flicks. But dreamceptions are mindfucks.