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Cryptocurrency

18 Mar 2022

Australian Competition Authority Sues Meta over Fraudulent Crypto Commercials

Australian Competition Authority Sues Meta over Fraudulent Crypto Commercials

The Index Today

Australia’s competition authority has sued Facebook’s parent company Meta Inc. for allegedly posting fraudulent cryptocurrency advertisements featuring unsuspecting Australian celebrities.

According to Bloomberg News, the Australian Competition & Consumer Commission revealed on Friday that Meta circulated ads featuring notable public figures like David Koch and Dick Smith that promoted scam crypto schemes, with the intent to defraud people. The ACCC added that the company “engaged in false, misleading or deceptive conduct” with one person even losing over $480,000 as a result.

ACCC Head Rod Sims said, “It is alleged that Meta was aware that the celebrity endorsement cryptocurrency scam ads were being displayed on Facebook, but did not take sufficient steps to address the issue.”

Meta’s Sydney-based spokeswoman said, “We don’t want ads seeking to scam people out of money or mislead people on Facebook — they violate our policies and are not good for our community.” She also added the company will “review the recent filing by the ACCC and intend to defend the proceedings.”