Mark Zuckerberg’s Meta And Legal Troubles Related To Crypto Scams

As CoinCu reported, six US lawmakers have demanded answers from Meta CEO Mark Zuckerberg about how the company is using crypto-related tricks to do business. Looks like the legal troubles with Mark Zuckerberg’s Meta haven’t stopped yet.

On September 8, US Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders, and Cory A. Booker together sent a letter to Mark Zuckerberg in an attempt to clarify the direction in which Meta is using cryptocurrency to do business through the company’s social media platforms including Facebook, Instagram, and Whatsapp.

Accordingly, six lawmakers all expressed concern that Meta is providing various platforms for cryptocurrency fraud that significantly harms consumers. It seems that Zuckerburg’s ambitions have not stopped at the metaverse.

NFTs have just started to be integrated into Meta’s platforms, enabling Instagram and Facebook users to show off their personal collections and pieces of art from the Ethereum, Polygon, and Flow networks. NFTs are cryptographic tokens that can demonstrate ownership of a distinctive item, such as digital artwork and profile images.

Although Zuckerberg has stated that he’s open to the usage of interoperable assets, it’s still unclear how much blockchain networks and cryptocurrencies will contribute to Meta’s grand plans for the metaverse—that is, a future internet experience with 3D avatars.

So the question arises, whether Facebook and Instagram are still user-oriented when Meta is too focused on other areas. Or could this even be a money scam?

In fact, this is not the first time Meta has had trouble with the country’s politicians. In 2019, CEO Mark Zuckerberg faced a lengthy legal battle with the US authorities, eventually, the company decided to close the Novi crypto wallet application as well as the stablecoin Diem in early 2022.

Since then, the developers of both projects have joined hands to revive the remnants left by Meta through various new platforms, Sui and Aptos, two blockchains that are receiving a lot of attention lately.

Despite this initial setback, Meta has still pushed its development focus on crypto, creating a lot of hype around the metaverse since rebranding the company.

However, despite the considerable efforts, Meta is building for the metaverse as well as crypto in general, the company has lost over $10 billion in profits for its metaverse Reality Labs division in 2021. This may indicate that Zuckerberg’s direction may not be perfect and is also a question mark that US lawmakers need to answer.

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Harold

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