Article Image

IPFS News Link • Science, Medicine and Technology

Fake Libra Peddlers LOL-Swarm Facebook for Discount Crypto Scam

• https://www.ccn.com

Numerous fake accounts, groups, and pages operated by fraudsters have swamped Facebook and Instagram to mispresent themselves as the official hubs for the social media giant's upcoming Libra crypto, the Washington Post reported today.

Despite Libra's expected launch in 2020, a part of the scammers are already selling Facebook's crypto for a reduced price, taking visitors to fraudulent third-party websites, the news outlet reported.

After the Washington Post alerted the company, Facebook has taken steps and removed a number of the fakes.

"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 spokeswoman Elka Looks stated.

Scammers are scaling their operations

According to the Washington Post, the fake Facebook and Instagram accounts have hundreds of real or fake followers. The fakes have already started to spread to other social media platforms, such as YouTube or Twitter, which could be a sign that the incident is already falling out of Facebook's hands.