How to address fraudulent cryptocurrency advertisements
Facebook and other social networks are struggling to combat the growing number of crypto scam ads that appear on their platforms. These ads lure unsuspecting victims with promises of huge profits, often mimicking official news sites and using false quotes from celebrities to appear credible. Although the ads are taken down quickly when reported, new ones pop up just as fast. High-profile individuals, such as Martin Lewis and Andrew Forrest, have taken legal action against the sites hosting these ads. While some progress has been made, the problem persists, with Facebook users around the world still being bombarded by dangerous pages. The use of Section 230 of the Communications Decency Act as a defense by internet companies is being challenged, as evidenced by Meta’s recent lawsuit. Scammers have found ways to bypass Facebook’s detection systems, and the problem has become even worse on X since Elon Musk’s takeover. The social network also faces the issue of hackers taking over accounts with millions of followers. Regulators may need to impose stricter measures, such as fines, to hold social networks accountable for user protection. Artificial intelligence tools could also help in tracking down and eliminating scam ads. However, the problem is expected to worsen before it improves, posing a challenge to the crypto industry’s reputation.
