Facebook’s cryptocurrency libra is used for fraud – even before it is released

Facebook's cryptocurrency libra is used for fraud – even before it is released

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Teodor Stig-Matz

teodor.matz@trijo.co

Facebook's planned cryptocurrency libra has got yet another problem.

Facebook’s planned cryptocurrency libra has been plagued by problems before its 2020 launch. Among other things, several well-known authorities and politicians have criticized the project.

Now comes another setback for Facebook. About a dozen scam sites and ads claiming to sell the not yet released cryptocurrency have appeared on the social network.

Deeply ironic

The economist Eswar Prassad, who works at the American top university Cornell, believes that this looks bad for Facebook.

“There is a deep irony that Facebook is the platform used for something that Facebook is trying to build trust for”, he says to the Washington Post.

Facebook has removed the ads and pages after the Washington Post contacted them prior to publishing their article on the problem about libra scams.

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