Meta deletes 6.8 million WhatsApp accounts related to cryptocurrency scams

The technology company #Meta has deleted more than 6.8 million accounts #WhatsApp this year due to their involvement in 'pig butchering' scams. This is part of Meta's efforts to combat organized crime groups in Southeast Asia targeting users to steal cryptocurrency.

Sophisticated scams and new measures

These scams often start with random acquaintance messages, then redirect to encrypted messaging apps to lure victims into investing in fake projects. Meta stated that they detected and removed these accounts before the scammers could act. To enhance security, WhatsApp is implementing new features, including alerts when users are added to a group by strangers. This move comes amid increasing pressure on social media platforms to combat online scams.

Challenges and lack of transparency

According to the Internet Crime Complaint Center #FBI (IC3), online scams have caused record losses of $9.3 billion in 2024, with cryptocurrency scams accounting for up to $3.9 billion. However, many critics argue that platforms like Meta still lack the financial incentive to effectively combat fraud, as they continue to earn revenue from scam-related ads. This lack of coordination and motivation complicates the fight against fraud in cyberspace more than ever.