TL; DR Breakdown
- Australian sues Facebook over crypto scam
- Australian AG consented to the lawsuit
- Investors were scammed of millions
Over the last few years, there have been several high-profile lawsuits involving companies in the crypto sector. One that took the sector by storm involved the United States SEC and Ripple. Although that one has died down a little, the recent one is a lawsuit involving an Australian billionaire and Facebook. According to the billionaire, Andrew Forrest, he sued Facebook to court over advertisements claiming that he used his influence to scam investors.
Australian AG consented to the lawsuit
Giving an in-depth reason he was taking the social company to court, the Australian, known as Twiggy, says that Facebook failed to remove the ads knowing fully well that it was a false publication. He mentioned that they failed to take any action because the company was benefiting from revenue as a result of clicking the ads.
With the lawsuit already in play, a Western Magistrate court will play host to both parties as they argue their points out on March 28. A committal hearing is scheduled to occur soon after that towards the middle part of the year. The Australian makes his case based on the part of the Commonwealth criminal code. He also said that his decision was reviewed and backed by Michaelia Cash, the Accountant General of Australia.
Investors were scammed of millions
According to a filing made at the court, one of the victims claimed that the said platform took about AUD 900,000 from him without returns. The full document mentioned thy there were still other investors and that the platform took funds running into millions from all of them. The said document said that the scam was done using the image of Andrew Forrest. It noted that most of the victims were at peace while investing on the premise that the Australian was involved in the investment.
Even though the legal representative of Forrest has claimed they do not know the exact number of investors involved, they conceded that the population is big. They also claimed that the Australian had spent more than $100,000 to clear his name from the scam ring. The billionaire claims that Facebook has access to everything on the platform and could have removed them but failed. A Meta spokesperson has said that the platform has also mentioned that it has taken the Australian approach and even gone as far as slamming them with lawsuits.