Meta Blocks 6.8M WhatsApp Accounts to Tackle Crypto Scams
Meta has banned over 6.8 million WhatsApp accounts linked to crypto scams in the first half of 2025. Its proactive detection tools intercepted “pig butchering” schemes—where scammers build trust via romance or low-risk investment promises to swindle cryptocurrency—before centres could launch them.
To curb further WhatsApp scams, Meta rolled out in-app alerts for unknown group invites and added fraud flags. It also partnered with OpenAI to dismantle a Cambodia-based ring using ChatGPT to script social-engineering messages.
Blockchain analytics firm Chainalysis reports that pig butchering scams generated 33.2% of digital asset scam revenue in 2024, with losses nearing $10 billion. In response to rising crypto fraud, U.S. lawmakers introduced the GUARD Act to equip agencies with blockchain tracing tools.
Neutral
Meta’s crackdown on crypto scams strengthens platform security and may boost trader confidence over time. However, it does not directly affect the supply or demand dynamics of any specific cryptocurrency. As a result, the immediate price impact in the crypto market is expected to be neutral.