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Facebook Shutters Its Last Crypto Project

WASHINGTON, D.C. – Meta announced today that Facebook’s digital crypto wallet Novi would be taken offline on Sept 1. Cheyenne Hunt-Majer, technology accountability advocate for Public Citizen, released the following statement:

“The last vestige of Meta’s nefarious attempt to create and control a universal global payment system has fallen.

“Facebook has a long track record of abusing user data. The tech giant’s attempt to collect the intimate details of our spending habits would have given the company yet another dangerous amount of insight into our personal lives. It would have left us even more vulnerable to exploitative targeted advertising and attempts to unduly influence our elections like we saw in the Cambridge Analytica scandal. With Facebook abandoning the project, lawmakers and regulators must take action to rein in Big Tech before they find their next source of sensitive data.”