Aussie billionaire sues Facebook over crypto scams with AG's consent
The Aussie businessman said that Facebook’s failure to remove the fraudulent ads featuring him and dozens of other high profile celebs was “criminally reckless.” Australian billionaire Andrew “Twiggy” Forrest is taking Facebook to court over scammy cryptocurrency ads that he alleges used his name to defraud victims.The Fortescue Metals chairman is accusing Facebook of breaching Australia’s money-laundering laws, claiming that it “knowingly profits from this cycle of illegal ads” that it failed to remove. An initial court hearing in the Western Australian Magistrates court is scheduled for....
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The Department of the Interior of Uruguay is taking steps to warn users about the danger they face when investing in certain crypto projects that could be scams. The campaign is called “Fake Coins: Cryptocurrency Scams” and seeks to educate the population about the most common kinds of crypto scams.
Uruguay Educates on Crypto-Related Scams
More and more government bodies are becoming aware of how some parties are using crypto to execute different kinds of scams, and also more of these institutions are working to educate citizens on this fact. The Ministry of the....
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 team behind Diem, a project launched and abandoned by Meta (formerly known as Facebook), is moving fast with the development of Aptos. A new layer one blockchain build with Move, the programming language initially designed for the Facebook project. Related Reading | SEC Regulating The Crypto Sector Will Be A “Nightmare,” Says Billionaire Mark Cuban […]
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 scams are a pervasive problem that the industry has had a hard time shaking off. Even when the scams get popular enough that investors no longer fall for them, the scammers come out with even more sophisticated versions of their scams to lure unsuspecting investors. The use of prominent figures such as Elon Musk […]