Australia sues Facebook-owner Meta over cryptocurrency scam

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Australia has sued Meta for scam ads on cryptocurrency schemes. The government agency in Australia claims to have filed a case against the Meta Platform for “false, deceptive or deceptive conduct”. According to the agency, scam advertising is a violation of consumer or securities laws.

According to an AFP report, the Australian agency has claimed that Meta has failed to do enough to stop scam ads for cryptocurrency or money-making schemes. This happened even as celebrities warned Meta about their misrepresentation in ads published on Facebook.

In a statement quoted by AFP, a Meta spokesperson said: “We don’t want ads seeking to extort money or mislead people on Facebook – they violate our policies and are not good for our community.” Huh.” Meta claimed to have cooperated with the Australian Competition and Consumer Commission’s investigation into the current issue.

The filing claims that some of the most prominent figures have been misrepresented in these ads. The filing also stated that none of those ads were endorsed by celebrities.

Money has been lost due to scams. According to the commission, a consumer suffered a loss of over AUD 6,50,000 (approximately over Rs 3.6 crore). The scam was being advertised as an investment opportunity on Facebook.

“In addition to the innumerable harm to consumers, these advertisements also damage the reputation of public figures associated with the advertisements,” the AFP report quoted the commission’s chairman, Rod Sims, as saying.

“Meta failed to take adequate steps to stop fake ads featuring public figures, even though those public figures told Meta that their name and image were being displayed in celebrity endorsement cryptocurrency scam ads.”

Australia sues Facebook-owner Meta over cryptocurrency scam, first appeared on BGR India.

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