Meta is being pursued by Australia for crypto fraud advertisements

Andrew Forrest, Australia's richest man, was obliged to file criminal complaints against Meta a few weeks ago for permitting crypto scam adverts to use his name and age.


Meta formerly Facebook sued in Australia for fake crypto ads
Mark Zuckerberg

The Australian Competition and Consumer Commission (ACCC) has now taken legal action against Facebook's parent corporation for failing to prevent the spread of such posts on its platform.


Facebook claims that these crypto advertising are against company regulations, and it is striving to stop them from spreading.


In Australia, Facebook is being sued for fraudulent cryptocurrency adverts


For crypto scammers, Facebook has become one of the most popular sites for promoting bogus money-making schemes.


Scammers have used the picture and name of renowned people ranging from Elon Musk to Vitalik Buterin, as well as those who aren't connected to crypto, such as Andrew Forrest, to promote their products.



According to the consumer protection authority, the adverts may have mislead Facebook users who mistook them for celebrity endorsements.


These advertising featured the names and photographs of politicians, television stars, business leaders, and others, as well as links to bogus news items.


It also claims that Facebook "aided and abetted or was knowingly involved in the marketers' deceptive or misleading conduct and representations."


The ACCC has since filed the lawsuit in federal court, and will most certainly rely on evidence that includes Andrew Forrest's recent filings. Scammers were able to utilize his name and image for fraudulent adverts, according to the mining magnate.


This is usually handled by the Australian Securities and Investments Commission (ASIC). However, the ACCC is pursuing the issue because it involves consumer protection.


Zachxbt, a well-known crypto detective, recently tweeted that Facebook has allowed crypto "scams to run rampant" on its platform.