Aussie Billionaire Sues Facebook Over Crypto Scams With Ag’s Consent

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The Aussie billionaire said that Facebook’s failure to remove the fraudulent ads featuring him. The dozens of other high-profile celebs were kind of scammy and “criminally reckless.”

Australian billionaire Andrew “Twiggy” Forrest is taking Facebook to court over scammy cryptocurrency ads. Further, he alleges they used his name to defraud victims.

Also, the Fortescue Metals chairman is accusing Facebook of breaching Australia’s money-laundering laws. He claims that it “knowingly profits from this cycle of illegal ads” that it failed to remove.

Moreover, an initial court hearing in the Western Australian Magistrates court will be on the Mar. 28.

Aussie Billionaire Claims

The forest is bringing forward the charges under Part 10 of the Commonwealth Criminal Code. They are bringing it with the consent of Attorney-General Michaelia Cash.

Furthermore, according to the filings, one Australian victim lost $952,000 AUD after falling for the scam. Also, the court documents stated that the scam “defrauded victims out of millions of dollars.”

Recently, Aussie billionaire lawyers said that although they do not know the precise number or identities. The individuals defrauded by reason of this vicious scam. However, the scope of the harm is extensive. 

Further, they added that he had spent “hundreds of thousands of dollars” to distance himself from the scam since March 2019.

Speaking of the complaint’s claim, Facebook’s access to user data has been a leading contributor to the proliferation of illegal advertisements and “fake news”. 

In addition, a spokeswoman for Facebook’s parent company, Meta Platforms. He told The Australian that it is taking a “multifaceted approach to stop these ads. They are using this approach by detecting the ads, blocking the fraudulent advertisers, and in some cases, taking court action.

Lastly, Aussie billionaire believes that the social media giant should be doing more to prevent fraud from spreading on its platform.

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