STOPPING SCAMS. Facebook's initial decision to stop selling cryptocurrency ads was an attempt to rein in the many companies it claimed were misleading or deceiving users. And, truly, the crypto world has no shortage of scammers — according to CoinDesk, an official from the U.S. Federal Trade Commission (FTC) told audience members during a crypto workshop on Monday that consumers lost an estimated $532 million to crypto scams between January and February of 2018 (the FTC defines scams as "deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines"). By the end of the year, the FTC estimates that figure will soar to $3 billion.
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