After conferring with unnamed sources familiar with Facebook’s 2018 Cambridge Analytica scandal, Wall Street Journal reporter reveals that Facebook founder Mark Zuckerberg was aware of the privacy concerns associated with it.
Cambridge Analytica, which is a British political consulting firm, through its app, was able to record personal data of over 50 Facebook million users in 2012. The organization then used this data to aid presidential candidates of the United States.
At the time, Mark Zuckerberg apologized for the situation, calling it an “issue” and a “mistake,” all while showing that he was completely unaware of it.
Facebook Emails Tell a Different Story
According to the WSJ report, there are emails that depict Zuckerberg raising questions related to the sharing of data with third-party developers, meaning that he was aware that Facebook, by design, was allowing third-party apps to skim personal data of Facebook users.
Soon after the news surfaced, bearish sentiment in the market ate away as much as 2.6% of Facebook stocks in a matter of minutes.
As expected, an email statement by the company’s spokesperson shows no adherence to the reports and claims that none of Facebook executives, including Zuckerberg, knowingly violated any obligations under the Federal Trade Commission, the U.S. federal entity investigating the Cambridge Analytica scandal.
Does Facebook Deserve to be a Crypto Company?
After facing scrutiny and skepticism from users and authorities, Mark Zuckerberg, as part of the image-cleansing process, published a blog post in March 2019. In it, he presented a “privacy-focused vision” of Facebook. With this new report, however, little of Zuckerberg’s vision can be believed.
Now that the social media giant is almost set to go live into the cryptocurrency market, it raises a question as to how well will Facebook abide by the ethos of the cryptocurrency market which demands high privacy.
Many people already speculate that GlobalCoin, or whatever it might be called, will only bring down the cryptocurrency market standards following its launch. A revelation such as this only adds more weight to that public perception.
With a user base almost double the population of the most populated country, the opinion of the small crypto community would make only a little difference to the success or failure of Facebook’s crypto project. However, it would be worth watching as to how things turn out for the company.
Given the number of Facebook users, do you think Facebook’s cryptocurrency will become the world’s most widely used currency? If so, how would it impact the crypto industry and the world economy? Let us know your thoughts in the comments below.
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