Australian competition regulator takes Meta to court over fake crypto ads
The ACCC highlighted unapproved or endorsed “scam” ads featuring prominent Australian figures such as entrepreneur Dick Smith, TV host David Koch and former NSW premier Mike Baird in particular. The Australian Competition and Consumer Commission (ACCC) is taking Meta Platforms, Inc. (formerly Facebook) to the Federal Court, alleging that the firm and its Irish branch engaged in “false, misleading or deceptive conduct” by publishing scam celebrity crypto ads.Some users have lost hundreds of thousands of dollars to the sophisticated and long running scams tied to the ad.The spotlight on Meta....
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The Australian Competition and Consumer Commission has filed a lawsuit against Meta, formerly Facebook, for “publishing scam advertisements featuring prominent Australian public figures.” The regulator said, “The essence of our case is that Meta is responsible for these ads that it publishes on its platform.”
Meta Sued for Publishing Cryptocurrency Scam Ads
The Australian Competition & Consumer Commission (ACCC) announced Friday that it has taken legal action against Meta Platforms Inc. (formerly Facebook) and Meta Platforms Ireland Ltd.
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On Friday, Australia’s competition regulator launched a case against Facebook owner Meta Platforms, alleging that the social media behemoth failed to prevent fraudsters from taking advantage of its platform to promote bogus advertisements featuring famous people. Several consumers have lost hundreds of thousands of dollars as a result of the ad’s complex and long-running scams. […]
An Australian regulator has warned residents seeking to self-manage their retirement funds to be wary of investing in crypto-asset investments that promise high returns in a short space of time. The regulator reiterates in the warning that crypto-assets are a high-risk and speculative investment. Scammer Tactics The Australian financial services regulator, the Australian Securities and Investments Commission (ASIC), has warned residents that self-manage their superannuation funds to be wary of scammers that are using the lure of quick and high returns offered by crypto assets to defraud....
The news comes only one day after billionaire Andrew “Twiggy” Forrest announced he would be mounting legal action against the social media giant. Australia's consumer and competition (ACCC) watchdog is investigating Facebook’s parent company Meta for a long running series of fraudulent cryptocurrency advertisements of the platform. The news comes just a day after Cointelegraph reported that billionaire businessman Andrew “Twiggy” Forrest was pursuing criminal action against the social media giant for allegedly serving users crypto scam ads and fake articles which used his name and....
The duo allegedly went on a spending spree with Crypto.com’s funds, buying four houses, vehicles, art, furniture and gifts, but 7 million AUD has now been returned. The Melbourne couple mistakenly sent 10.5 million Australian dollars by Crypto.com in 2021 is arguing in court that they thought the funds were won via a competition. Thevamanogari Manivel and her husband Jatinder Singh are currently facing a trial in the Victoria Supreme Court over theft charges, among others after the duo allegedly went on a spending spree with Crypto.com’s funds last year.Appearing via video link in....