The Aussie watchdog says that Facebook parent company Meta allowed the crypto scammers to defraud victims of hundreds of thousands of dollars, and it might’ve broken consumer law in doing so.
Australia's consumer and competition watchdog is investigating Facebook’s parent company Meta for a long running series of fraudulent cryptocurrency advertisements of the platform.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 likeness.
In Feb 3 comments to The Australian, ACCC chair Rod Sims said that although their investigation shares similarities with Forrest’s case, the “ACCC’s investigation is separate and concerns different questions of law.” Forrest claims that by failing to take sufficient steps to eliminate the scam from being shared on its platform, Meta is not only in breach of Australia’s money-laundering laws, but also behaved in a “criminally reckless” manner.
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