Facebook recently announced the launch of its cryptocurrency platform, Libra, which will operate using a distributed ledger rather than the current wired-based model. While Facebook has invested significantly into the security measures featured on its platform, experts of this industry note that as a brand new cryptocurrency outlet Libra will naturally appeal to hackers looking to introduce new scams or reinvent old schemes.
Cryptocurrency platforms are typically infiltrated by international scammers with the goal to develop new strategies to steal funds or find a way to scam senders out of funds. And with every new cryptocurrency platform comes new opportunities, but Libra is different than its competitors.
Libra was designed to allow app developers around the world to enable their users to use cryptocurrency for sending and receiving various types of payments. This means that the use of cryptocurrency will grow substantially as users who are more unfamiliar with the process join the apps and try out its new functions. For scammers, this represents a more vulnerable market of consumers that may be more likely to fall for new and old schemes through the platforms.