Facebook sued in Australia for fake crypto ads

Facebook has become one of the most used platforms by scammers to profit from inexperienced victims in the market. Facebook says these crypto ads violate its policies and it is working to limit their expansion.

Cryptocurrency scammers have popularized these ads using pictures and names of celebrities, from Elon Musk to Vitalik Buterin to even crypto-inactive people like Andrew Forrest.

A few weeks ago, Australia’s richest man, Andrew Forrest, was forced to file criminal charges against Meta for allowing fraudulent advertisements for a cryptocurrency with his name and age on it.

Now, the Australian Competition & Consumer Commission (ACCC) has initiated legal action against Facebook’s parent company for its inability to curb the spread of such posts on its platform. .

The consumer protection watchdog alleges that Facebook “assisted and abetted or knowingly involved in false or misleading conduct and statements by advertisers.”

The ACCC has since filed a lawsuit in federal court and will most likely use evidence including those filed by Andrew Forrest a few weeks ago, when he criticized Facebook for allowing scammers to use it. his name and image for the fake advertisement.

Normally, the Australian Securities and Investments Commission (ASIC) handles this. But the ACCC is currently filing due to the consumer protection element of the case.