Australian Competition Watchdog Investigating Meta for Crypto Scam Ads

Investigating against Meta for crypto scam ads

Facebook’s parent company, Meta is under investigation by Australia’s consumer and competition  (ACCC) watchdog because of the unending series of fake cryptocurrency advertisements of the platform. Just after the news that Andrew Twiggy Forrest, the billionaire businessman was pursuing criminal action against the Meta, a social media Giant for reportedly showing fake articles and crypto scam ads to the users by using his name and likeness.

Various other popular celebrities such as Hugh Jackman and Nicole Kidman have been employing the users into these fraudulent investment scams.

According to ACCC Meta allowed the crypto scammers to break the Australian consumer law, deceiving victims millions of dollars. 

Read Also: To Pay Victims Of Bitconnect’s Scam, DOJ Is Selling Cryptocurrency Worth $56 Million

ACCC chair Rod Sims on Feb 3 commented to The Australian that nevertheless, their investigation is quite similar to Forrest’s case, the “ACCC’s investigation is separate and concerns different questions of laws.”

The ACCC will be investigating whether Meta has augmented concerns under the Australian Consumer Law.

“Like Dr. Forrest, we consider that Meta should be doing more to detect, prevent and remove false or misleading advertisements from the Facebook platform so that consumers are not misled and scammers are prevented from reaching potential victims.”

According to Forrest, Meta failed to take ample steps to remove the scam from being shared on its platform, Meta is not only breaking Australia’s Money laundering laws but also acted in a criminally careless manner.

On March 28, Forrest Forrest initially put forward his case to the West Australia Magistrates court, with a committal hearing expected to come later in the year. 

Last year in September Forrest also launched civil proceedings with California’s Superior Court pursuing mandate relief.

The date of the civil case has yet to be set and that is why the case is still pending. In 2020, a warning had been issued by the Australian Securities and Investments Commission (ASIC) regarding fake crypto ads by celebrities including Kidman, Jackman, and even Waleed Aly. Several other popular celebrities including Bill Gates, Elon Musk, and Richard Branson have also had their Images poached forefront crypto scams.

As per the reports, Facebook users have lost millions to the scam including one victim’s report that they thought that scam was legal as it featured Forrest. 

According to them “Andrew Forrest is an icon for millions of Australian and you hold him in high regard, anything involving him you’d think is legitimate because it’s coming out in public through Facebook,”