Meta (Formerly Facebook Inc.) has been taken to the Federal Court by The Australian Competition and Consumer Commission (ACCC) because apparently the firm with its Irish branch is currently associated with false advertising and distribution of deceptive information with the publication of fraud celebrity crypto advertisements.
Because of these long-running scams, some of the users have lost hundreds of thousands of dollars after going through these advertisements. Since the start of February, Meta has been in the spotlight as the ACCC was investigating the firm’s involvement in fraudulent crypto ads. Even the Australian billionaire crypto miner Andrew Forrest has taken legal action against Meta due to hosting advertisements in their platform using his name to swindle cryptocurrency victims.
Through an earlier announcement made today, the ACCC stated that Meta was knowingly involved and aided these kinds of fraudulent crypto advertisements containing misleading information and conduct displayed by the advertisers. According to the regulator, these advertisements shown in the platform had dubious links attached to them, which directed the users to multiple fake media articles attributed to the quotes of famous public figures and media personalities involving a crypto coin and money-making scheme.
The announcement also stated that the users were then contacted by fishy scammers who were using high-pressure tactics like repeated phone calls and convincing the users to deposit money in those fake monetary plans. Among the victims, one user has lost Us 650000 dollars due to these scam advertisements featured on the Meta platforms.