Meta executives are reportedly acknowledging a serious new problem with scams affecting its social media platforms.

A spokesperson for Meta, the parent company of social media behemoths Instagram and Facebook, tells the Wall Street Journal that the corporate giant is dealing with “an epidemic of scams” that has been growing exponentially in recent years, both in scale and sophistication.

“As this scam activity has become more persistent and sophisticated, so have our efforts.” 

The spokesperson reveals that Meta is experimenting with facial-recognition technology while also forming partnerships with banks and tech firms since the scams are affecting so many industries and “different parts of society.”

Citing people familiar with the matter, WSJ also reports that JPMorgan Chase has raised concerns with Meta about its policing – or lack thereof – of scams.

Meta accounted for nearly half of all reported scams on Zelle for JPMorgan Chase customers between the summers of 2023 and 2024, according to a WSJ source. JPMorgan also recently began blocking certain Zelle payments and warning users about transactions originating from social media platforms like Meta.

The person said that the number of scams linked to Meta has shown improvement in recent months.

However, documents seen by WSJ reportedly show that Meta has recently deprioritized enforcing scams, avoiding takedowns of erroneous advertisements because of supposed safety concerns, while also cutting costs and moving resources to other departments.

WSJ interviewed Edgar Guzman, the owner of a home improvement supplies and garden equipment company in Atlanta, who said scams are relentlessly targeting his customers, prompting them to make payments for products that never arrive.

Says Guzman,

“What sucks is we have to break it to people that they’ve been scammed – we don’t even do online sales… We keep reporting pages to Meta, but nothing ever happens.”

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The latest frenzy that began with President Donald Trump’s launch of Trump Memocoin may have finally crashed with Libra’s token Fasco, seeing millions of people making and losing within minutes It’s not possible.

Libra, a Solana-based project tweeted on February 14 by the president of Argentina Javier Milei, has reached a market capitalization of $4.5 billion, and then insiders pay cash and leave many bags within hours We considered it to have fallen by more than 80%. Holders with large losses.

The story became an international and political event over the weekend. Over the past few days, Mairay has deleted the original tweet, denied his support and denounced his mischievous political opposition. This ultimately led to his story of each, creating uncertainty in the Argentine stock market. He then put an explosive twist on the story.

On Tuesday, Coindesk said the key player behind the Libra token boasted about buying access to Argentine President Javier Mirei’s inner circle months before Memecoin’s scandalous launch and crash. I broke the news.

Kerfuffle for these kinds of mimecoin is not uncommon, but how this happened after the obvious “ragpur”, and what followed, the risk of unchecked crypto transactions and memocoin It highlighted the potential for a hit in reputation across the sector.

“The Libra episode represents a potential point of oversaturation in Memocoin space,” said Toronto-based Crypto Platform Frnt Financial. “At this point, the novelty of Trump and Melania and the new projects after Libra today is largely exhausted.”

“In addition, the outcome of reputation for these assets can be significant. This episode says it is likely to continue to unfold as new details emerge. At this point, MemeCoins has been “pumps and dumps.” It is synonymous with the scheme.” It was contested.

This incident, along with other memocoin-related events that have led many retailers to lose money, may tweak them to make more effort to police themselves in the community.

“The whole of $Libra Memecoin Fiasco over the weekend should serve as a reminder that all of us in the Defi community are responsible for making this space safer for our users.”

How the “bad failure” happened

From February 14th, the entire episode of Milei and Libra took place within a few days.

As explained by Alex Thorn of Galaxy Research, the token was released on its fateful day in Solana-based Dex Meteora, and in Milei’s first post (now deleted) X, the purpose of the token is Growth It says it is to help. Argentine Economy – Great support for Memocoin.

As token prices peaked at $4.4 billion within hours, inchain analysts said insiders quickly began to threw away their holdings and began to win nearly $100 million.

The next day, Milei deleted the original post and sent a shockwave within the Memecoin community. Meanwhile, Solana, a blockchain of tokens, saw native tokens, sols and falls.

In his new post, Mairay has no idea about the project and has denounced the political opposition of the mischievous, claiming that he has turned the situation into a political game. By then, the token had wiped out about $4.5 billion in retail capital in seven hours. According to CoinmarketCap data, the market capitalization is currently just over 500,000.

On the same day, several important opinion leaders (KOLs) came up, including Dave Portnoy, Threadgey, Hayden Davis and Faze Banks of Basour. Portnoy said he was an early investor and refunded his money, further spreading the controversy that insiders benefited from Libra Fiasco. Meanwhile, Davis revealed he was behind both Libra and Melania memo coins, saying that the Argentine token incident “is not a rug pull.”

The next day, Argentine’s opposition threatened Mairay with an ammo for each of the incident. On February 17th, Dex Meteora co-founder Ben Chow resigned from the controversy after it was released by Libra. Chou was also the co-founder of Jupiter, a Solana-based trading aggregator. On the same day, Argentine stock market collapsed almost 6% after a report from a Mairay survey.

Read more: LIBRA Clear Lag Pull, the latest “Sordid Episeod” emerges from Solana’s Memecoin Complex: Galaxy

On February 18, Coindesk reported that Davis had texted her to claim that she could “control” her because she had paid her powerful Mailea government figure, Karina Mailea and the president’s sisters. I broke it.

“Set fold for ciphers”

It is still unknown what will happen to Milei and everyone involved. However, even if FTX’s epic blowout is anything, this story might still be unleashed.

What it emphasizes is that Memocoin drama, which became a game of profit and loss in seconds in this cycle, could be at a crossroads. As institutional investors are making big bets on Bitcoin and Ether with the launch of exchange sales funds, those assets are more friendly and stable, so the Memecoin sector is the ugly duck duck in the crypto space. I’m stuck like that. .

“Overall, this whole story is a real set-off for the crypto space,” Chung said. “If you want to attract new retailers, this is not a way to do that.”