Facebook’s cryptocurrenсy Libra has a new problem in-store. And it is not related to Donald Trump or Wall Street banks. It concerns scam ads, including on FB itself.

Remember when Facebook eased its rules on cryptocurrency and ICOs ads on the platform? Well, the new development might make FB representatives re-consider the rightness of that decision.

The well-known American newspaper Washington Post has released a report. In it, the media outlet states that almost a dozen fake Libra ads have sprung up both on Facebook and Instagram. The rationale is clear: the scammers are trying to capitalize on the hype and make you buy “Libra.”

You have eight days to lose your money

The nature of the ads varied. Some were just using a photo of Mark Zuckerberg and the official logo of Libra. Others were (or are) targeted (ing) at speedy money-making. Buylibracoins.com is an exemplary case. Using the Libra logo, the site (which is still available) offers its customers to create accounts and invest in Libra.

Fake Libra website Buylibracoins.com

What’s even more curious is that the site has the Libra whitepaper on it. There is also a countdown, showing how much time you have left to participate in a well-devised scam. According to it, your money will be gone with the wind in around eight days. Be sure to hurry up!

If you want to know how to speed up the beginning of your financial agony, make sure to write an email to [email protected]

Facebook knew nothing

The Washington Post also states that FB had apparently been unaware of the scammers’ presence on their platform. Thus the ads were removed after the newspaper had contacted the office. Elka Looks, communications manager at Calibra, purportedly reacted to the case. She stated that FB removes ads only if they violate the community’s rules.

Eswar Prasad, an economics professor at Cornell University, expressed his opinion on the matter. To begin with, he stated that it is quite ironic that FB is, in fact, posing a threat to its own project. He proceeded to say that this could greatly undermine the community’s trust in the project.

“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,” Prasad noted.

Is it really that bad?

While the fact that FB is advertising scams of its own project is indeed amusing, it hardly suggests its potential failure. Libra is a much-discussed project and it is not surprising that frauds are trying to make money off of it. It does, however, serve as an unfriendly reminder to be careful when parting with your funds. Do your research, check the sources, google the site and read the reviews on it. In short, double-check, perhaps even triple check.

Going back to the Buylibracoins.com example, the payment method was arguably the site’s most dubious element. Why would it accept payments solely in BTC, ETH and Bitcoin Cash? Most probably so that you cannot track down the entity easily. The devil is in the detail. And you should never forget that.

 

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