Australian billionaire sues Facebook for illegal crypto advertisements

• According to the Australian billionaire, Facebook’s reluctance to delete the bogus advertising using him and hundreds of other high-profile celebrities were “criminally careless.”

• Andrew “Twiggy” Forrest, an Australian millionaire, is suing Facebook over fake cryptocurrency adverts that he claims exploited his identity to spread false information.

• The first court appearance is set on March 28 in the Western Australian Magistrates Court, with a committal hearing planned for later in 2022.

The chairman of Fortescue Metals has accused Facebook of violating Australia’s money-laundering laws, stating that the company “knowingly profits from this loop of illegal adverts” that it has neglected to delete. With the assent of Attorney-General Michaelia Cash, Forrest is pursuing the charges under Part 10 of the Commonwealth Criminal Code.

Australian victim lost $952,000 AUD

One Australian victim lost $952,000 AUD after falling for the hoax, according to the documents. According to court documents, the scam “cheated victims out of millions of dollars.”

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According to Forrest’s lawyer, “although we do not know the specific number or names of the persons deceived as a result of this terrible scam, the extent of the injury is tremendous.”

They also stated that he has spent “hundreds of thousands of dollars” to dissociate himself from the fraud since March 2019, when it initially became popular on Facebook.

According to the lawsuit, Facebook’s access to user data has been a major “contributor to the growth of illegal adverts, “fake news,” and other undesirable online material.” Forrest further stated that the company’s refusal to delete the fake content

“Multifaceted strategy to eliminate scam advertisements”

According to a representative for Facebook’s parent company, Meta Platforms, the firm is pursuing a “multifaceted strategy to eliminate these advertising” by recognizing the adverts, banning the fraudulent advertisers, and, in certain circumstances, initiating legal action.

Forrest, on the other hand, feels that the social media behemoth should do more to prevent fraud from spreading on its platform. Forrest claims that the fraudsters “can’t be readily traced down” since they are usually situated overseas.

“The greatest approach to safeguard Australians is to deter Facebook — via criminal prosecution — from allowing itself to be exploited as an instrument of crime,” he continued.

Celebrities part of crypto scams

In 2019, Forrest was one of the numerous Australian celebrities, including Kate Winslet, who was illegally described as giving evidence for a fake cryptocurrency. In one fraud, the celebrities were mentioned in false mainstream news pieces promoting a fake Bitcoin investment platform.

The Australian Securities and Investments Commission issued a warning in 2020 about fake celebrity-endorsed crypto commercials featuring Australians like Hugh Jackman, Nicole Kidman, and Waleed Aly.

Other celebrities, such as Elon Musk, Bill Gates, and Richard Branson, have had their images stolen and used to promote cryptocurrency schemes.

In November 2019, Forrest wrote an open letter to Meta Platforms CEO Mark Zuckerberg, demanding that the platform delete the false adverts and stop his image from being used in the future.