Wednesday, May 22, 2024

Meta sued by Australian regulator for false crypto ads.

One of the biggest reasons for the public resisting the adoption of cryptocurrencies is due to miscreants in the crypto realm abusing the services to deceive and prey on innocent consumers. In what is a huge blow to its reputation, the Web3 pioneer-giant Meta is embroiled in a controversy for posting and promoting fake crypto ads on its social media platform Facebook. An Australian regulatory entity known as ACCC is suing the company for the same. This is not the first controversy they have faced in Australia. Earlier this year, the billionaire and richest man in the nation, Andrew Forrest sued Facebook for misemploying his picture to promote scam-centric crypto ads.

Scammy Crypto Ads Puncture Meta’s Reputation

Allegedly, Facebook knew that these counterfeit crypto adverts that were being supported by famous personalities were uploaded on the platform but failed to take timely action to cancel them. They are under fire for doing so little and promoting deceptive ads that hoodwinked unaware users to transfer and lose their money to a scammer. The fraudster lured the users to their web by using a phony link via Facebook which sent them to a page with testimonials from celebs and invited them to get a subscription. In the process, they were made to transfer an amount to this inauthentic site.

Meta has not come forward with a reply thus far but the regulatory body is pushing for them to acknowledge the issue. Their argument states that the social media giant uses tech that’s capable of zeroing in to attract those consumers who exhibit maximum interest to click on such links. This comes as a setback to Australia’s crypto ecosystem which has been increasingly becoming a super crypto-friendly realm. Recently, the country-continent also topped the list of countries that were exhibiting the most positive signs of crypto-readiness. Hopefully, this will not dissuade those interested in crypto to join the crypto wave.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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