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Libra

Libra Scams Circulating on Instagram and Facebook

Amid Senate hearings for the Libra project, a number of fake Libra accounts have been spreading social media, especially on Facebook and Instagram.

The Washington Post reported that over a dozen Libra pages have appeared on Facebook and its Instagram platform.

Some of the fake accounts which posed as official entities for the Libra crypto were taken down on July 22 only after Facebook was alerted of their existence. The communications manager at Calibra, Elka Looks, has stated that Facebook removes ads and pages from their platforms if they violate their policies.

Some of the fake accounts promoted a pre-sale of currently-not-launchedLibra coins at a discounted price. Many of the accounts sported Facebook’s logo, photos of CEO Mark Zuckerberg or official marketing materials for Libra.

Buylibracoins.com is a scam website which uses a copy of the official Libra logo, offering users the option to create an account and invest in Libra with Bitcoin (BTC) and other major cryptos. The website created an Instagram account to promote its business, and while the social media page was taken down, the site is still up.

Eswar Prasad, a Cornell University economics professor, noted how poetically ironic it is that Facebook’s own platform could be the factor that will reduce trust for the cryptocurrency project. Prasad said in the report that the main issue of Libra gaining acceptance will be the lack of trust:

“Facebook has an enormous worldwide network and enormous financial muscle . . . But the only way Libra will work well as a medium of exchange is if everyone can trust it. And that’s the big question right now: whether there is going to be enough trust in Facebook.”

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