Aussie competition watchdog investigating Meta over crypto scam ads
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....
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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. […]
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....
Crypto scam is always a pain the neck, especially for these guardians of the law. They want answers and as part of their inquiry, they’re turning their attention to the world’s 16th wealthiest man. Democratic senators from the United States Senate questioned Mark Zuckerberg, the chief executive officer of Meta, about the company’s procedures for […]
Six U.S. senators have demanded answers from Meta CEO Mark Zuckerberg about how his company is handling cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp. “We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers,” the lawmakers wrote.
Senators Want Answers From Mark Zuckerberg and Meta Platforms
U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders, and Cory A. Booker jointly sent a letter on Thursday to Mark....