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Frances Haugen came into the limelight as a whistleblower against Facebook. Her testimony showed how the social media company failed to act on misinformation to maintain user engagements.
Haugen has stated that since she revealed the allegations against the social media giant, she has been supporting herself financially using cryptocurrency that was bought “at the right time.”
Invested in Crypto
Cryptocurrencies have become the ideal asset class for individuals whistleblowing against governments or large corporations. Due to their uncensored and decentralized nature, cryptocurrencies are becoming reliable financial resources by whistleblowers because they give them the financial freedom needed to battle the consequences of their actions.
Haugen is not the first whistleblower to hold her finances in cryptocurrencies. Edward Snowden, another notable whistleblower of all time, stated that cryptocurrencies were the ideal solution in the current government regulations where the government were seeking more control over people’s information.
The decentralized nature of cryptocurrencies is the reason why many individuals have shown support for this asset class. The fact that governments cannot gain access to these financial transactions or stop them has been a major selling point.
Allegations against Facebook
Facebook has for the longest time been faced with allegations about its business practices and how the social media platform handles privacy and misinformation. Haugen was the product manager at the social media company, and she released many documents showing how Facebook failed to stop bar misinforming posts to increase user engagement.
The documents she released have been highly sought after by media companies seeking to know how the social media giant operates. However, being a whistleblower has upended Haugen’s life, but she now has a way of supporting herself with crypto.
Facebook’s business practices have placed it at loggerheads with different regulators. The practices also seem to be working against the company as it seeks regulatory approval for its Diem blockchain project.
US senators headed by Elizabeth Warren have opposed the Diem project. According to these legislatures, the firm’s failure to uphold privacy is a great concern. The project is also facing scrutiny in the UK and Europe.
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