Six U.S. senators have demanded answers from Meta CEO Mark Zuckerberg about how his company is handling cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp. "We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers," the lawmakers wrote.

Senators Want Answers From Mark Zuckerberg and Meta Platforms

U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders, and Cory A. Booker jointly sent a letter on Thursday to Mark Zuckerberg, chairman and CEO of Meta, about his company's "efforts to combat cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp."

Citing "recent reports of scams on other social media platforms and apps," including data from the Federal Trade Commission (FTC), the senators wrote:

"We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers."

"While crypto scams are prevalent across social media, several of Meta's sites are particularly popular hunting grounds for scammers," the letter describes. "Among consumers who reported being scammed out of cryptocurrency on a social media website, 32% identified the scam as having originated on Instagram, 26% on Facebook, and 9% on Whatsapp."