Federal Trade Commission
Social media blamed for $1B in crypto scam losses in 2021
The Federal Trade Commission has labeled social media and crypto a “combustible combination for fraud,” with nearly half of all crypto-related scams originating from social media platforms in 2021. Published on June 3, the report found that as much as $1 billion in crypto have been lost to scammers throughout the year, which was more than a five-fold increase from 2020, and nearly sixty times up from 2018. New analysis finds consumers reported losing more than $1 billion in #cryptocurrency to scams since 2021. Most of the losses consumers reported were to bogus cryptocurrency investment scams: https://t.co/MYGTcaw1aS #DataSpotlight /1 — FTC (@FTC) June 3, 2022 As of March 31, 2022, the amount of crypto lost was already approaching half of the 2021 figure, showing that momentum ...
Facebook hits $1 trillion valuation for first time
Social media giant, Facebook, has hit a $1 trillion valuation, following a dismissal of two antitrust lawsuits against the company. Facebook’s stock closed higher on Monday at $355.64 per share which contributed to the trillion-dollar valuation, Business Insider reported. The rise came after a United States court dismissed complaints by the Federal Trade Commission and a group of state attorneys generals against the social networking company. The FTC has claimed that Facebook is exercising monopoly as the social media giant controls over 60% of the social-networking market. In the ruling of the case, US District Judge James Boasberg in Washington dismissed the claim, as he explained that there was no proof to support their claim. In a separate case, 46 state attorneys general formed a coal...
Court ruling paves the way for Facebook to settle its facial recognition lawsuit
Facebook won preliminary approval late on Wednesday from a federal court for settlement of a lawsuit that claimed it illegally collected and stored biometric data of millions of users without their consent. The social media company had in July raised its settlement offer by $100 million to $650 million in relation to the lawsuit, in which Illinois users accused it of violating the U.S. state’s Biometric Information Privacy Act. The revised settlement agreement resolved the court’s concerns, leading to the preliminary approval of the class action settlement, Judge James Donato wrote in an order filed in the U.S. District Court for the Northern District of California. “Preliminary approval of the amended stipulation of class action settlement, Dkt. No. 468, is granted, and a final approval h...
