Meta Platform’s CEO Gets Probed by Senators on Crime Combating Measures on its Apps

The data received from the Federal Trade Commission (FTC) has shown a high increment of crypto scams on social media.


To this effect, a group of U.S Senators wrote a letter to Meta Platform’s CEO, Mark Zuckerberg on Thursday to inquire about strategies he is putting in place to mitigate the rise in fraud as a result of cryptocurrency use through the firm’s platforms such as Whatsapp, Facebook, and Instagram.

According to reports gotten by FTC, between January and March, most crypto scams originated from social media platforms and have cost consumers a total of $417 million. This fraud comes in various forms ranging from users being asked to invest in investment schemes where they are promised high returns to ‘’ lovers fraud’’ where users are promised love with the sole intent of defrauding them.

Detailed information has been requested from Zuckerberg on how future fraud occurrence through the use of cryptocurrency will be prevented. The pertinent questions raised include strategies put in place to find and kick out scammers, methods to verify that crypto ads are not scams, policies to help the victims of fraud, and how Meta collaborates with law enforcement agents to make sure that scammers are brought to book.

Meta’s Efforts to Combat Crime

Meta had previously mentioned that there is a high propensity for crypto scammers to use its platforms to perpetrate crime. In reality, Facebook outlawed cryptocurrency advertisements in January 2018 because “many organizations are advertising binary options, ICOs, and cryptocurrencies that are not operating in good faith.”

Facebook announced in 2020 that it will take legal action against a Bangkok-based Indian man, Basant Gajjar over an alleged crypto crime because he created and sold software that enables malicious actors to get around Facebook’s automatic advertising review systems and show consumers unapproved adverts.

In 2020, Facebook users also claimed that there was a ban on Bitcoin-related content. Facebook posts that had pictures, text, and videos with Bitcoin tags were restricted from the public’s view.

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Singapore’s DBS Acquires Land in The Sandbox Metaverse

The Development Bank of Singapore (DBS), a multinational financial institution based in Marina Bay Singapore has proposed to secure land in The Sandbox metaverse which is an arm of Animoca Brands, a blockchain virtual, and investment firm.


DBS is set to acquire a 3×3 LAND piece in The Sandbox metaverse, a type of virtual property to experience a better and more sustainable world according to a report.

DBS asserts that it is both the first Singaporean business to collaborate with The Sandbox and the first regional bank to engage with the metaverse. The bank declared that it will also purchase carbon offsets to make its metaverse carbon neutral.

“As we stretch the limits of what the metaverse can do, our cooperation with The Sandbox and Animoca Brands represents the beginning of a thrilling collaboration,” said Piyush Gupta, CEO of DBS, “We also look forward to using it as an extra cutting-edge platform to raise awareness of crucial ESG (environmental, social, and governance) concerns and to highlight partners and communities doing admirable work to solve them’’.

DBS Emerging as a Frontier in the Digital Space

DBS’s acquisition of The Sandbox’s property comes after the launch of its crypto exchange for Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), and other altcoins in 2020. According to Gupta, the DBS exchange appears to be the first cryptocurrency exchange that would be backed by a traditional bank.

The multinational bank claimed that despite a significant global decline in the value of digital assets, its purchases of Bitcoin accounted for 90% of all crypto trading activities. The bank has witnessed a high amount of digital exchange which caters to family exchange and institutional investors.

Animoca Brands earlier received new money worth $110 million through the sale of convertible notes according. The Convertible Notes, which were issued at a price of AU$4.5 ($3) and have a three-year expiration date, do not alter the company’s valuation from its previous investment round as stated by the firm.

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Singapore Regulator Bans Crypto Ads on F1 Tracks

According to the Wall Street Journal, Singapore’s financial regulator Monetary Authority of Singapore (MAS) told F1 organizers that it would ban ads from appearing on the track.

The Monetary Authority of Singapore (MAS) is Singapore’s Central Bank. The mission of the MAS is to promote sustained non-inflationary economic growth, and a sound and progressive financial center. The MAS has leveraged blockchain technology for its Project Ubin central bank digital currency (CBDC) project.

F1 is the highest international racing class for open-wheel single-seater formula racing cars. Crypto exchange has paid millions to sponsor Formula One.

In the 2022 F1 division, 80% of the teams have at least one crypto sponsor,

The seventeenth race of the 2022 season will be held in Singapore from September 30 to October 2.

The regulator said that ads could appear on teams and apparel, but was not allowed to market cryptocurrency-related ads on the track directly to the general public, as the on-track brand itself is more directly aimed at Singaporeans. is the first cryptocurrency platform to partner with an F1 team, Aston Martin. Hong Kong-based crypto exchange partnered with the company last year ahead of British carmaker Aston Martin’s 2021 F1 car launch. has proven to be a unicorn in the cryptocurrency industry. Founded in 2016, it is the world’s first cryptocurrency company to achieve privacy certification (ISO 27701) and PCI:DSS, Level 1 compliance.

Apart from that, Mercedes team principal Toto Wolff, a car brand involved in F1 Racing, believes The partnership between Formula 1 and crypto companies was inevitable based on the growth experienced in the cryptocurrency market.

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Metadee Launches 5 Volumes of the World’s Oldest Quran Manuscript NFT

UK-based NFT marketplace Metadee has announced plans to sell all five volumes of the oldest currently handwritten Quran manuscript in NFT form.

Offered in the form of digital artwork and collections, Metadee previously said in July that it marked the third, fourth, and fifth volumes of the Quran, which were handwritten by Zayd ibn Thaabit, the personal scribe of the Prophet Muhammad,

He served as the main recorder of the texts of the Qur’an.

The physical copies of the first and second volumes of the Quran are being auctioned, while all five volumes will be available for public collection and accessed in the form of NFTs.

A non-fungible token (NFT) is a special type of encrypted token that represents unique collectibles. An NFT is used in specific applications that require unique digital items, such as encrypted art, digital collectibles, and online games.

According to Arab News, Matadee founder Deepali Shukla said that: “the Qur’an NFTs “are limited, digitized versions of the very first manuscript, handwritten in ink by the personal scribe of the Prophet (and) owing to their immeasurable historic and cultural value, the manuscripts are being seen as a cherished treasure by the faithful and art collectors alike.”

This rare Koran manuscript is believed to have been written in AD 632 and has been certified by the University of Oxford’s Laboratory for Archaeology and Art History Research. Bringing enduring wisdom to humanity from 1400 years ago.

Volumes 3, 4, and 5 of the manuscript each have 1 million NFTs and can be purchased for $200 per volume. Bids for the first and second volumes start at $25 million per volume, and the winning bidder for each volume will receive a physical copy and NFT.

The original manuscript is kept in Geneva, Switzerland.

Since non-fungible tokens (NFTs) help build authentic intellectual property, this is one of the key drivers expected to push the sector to a $97.6 billion valuation by 2028, according to a report by Research and Markets.

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