Investment Scams

Andrew Forrest Takes Legal Action Against Meta for Crypto Scam Ads on Facebook

Our goal is to work towards the most concise TLDR of current crypto relative scams in the marketplace. So that you can skim it and rip it. Move on with your day and place crypto related things in crypto related places. This does mean we have AI helping out and possible causing SKYNET level chaos. But we also have humans looking at things. All Hail Roko's basilisk.
Post Views 307

Crypto scam ads on Facebook

Posted By  Connie Walker
These are the top 5 hardware wallets that we have reviewed!

Billionaire Andrew Forrest Sues Meta Over Facebook Crypto Scam Ads

Introduction

In a significant legal development, Australian mining billionaire Andrew Forrest has filed a lawsuit against Meta, the parent company of Facebook, alleging negligence in preventing fraudulent cryptocurrency ads. These ads have reportedly deceived many users, leading to substantial financial losses.
Secondary Source [2]

  • [2] https://cryptonews.com/news/andrew-forrests-meta-lawsuit-to-go-ahead-on-crypto-scam-advertisement-claims.htm

Summary of facts
After we complete our TLDR summary of this article, we trigger an AI to check what our author wrote against what is factually mentioned in the article. The we ask it to score the  AI's confidence that this 'fact' is indeed 'true'. 

  • Plaintiff: Andrew Forrest, Australian mining billionaire
  • Defendant: Meta, parent company of Facebook
  • Crime: Fraudulent solicitation through cryptocurrency ads on Facebook
  • Amount Defrauded: Not specified, but involves substantial financial losses for multiple victims
  • Method: Use of deceptive ads on Facebook promising high returns from cryptocurrency investments
  • Sentence: Case ongoing, no sentence yet
  • Additional Penalties: N/A
  • Investigating Agency/Agencies: Australian Securities and Investments Commission (ASIC)
  • Plea: N/A
  • Prosecutor's Statement: Highlighted the negligence of Meta in preventing fraudulent ads

How We Work

All products recommended by CryptoScamWatch.com are selected by our editorial team. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Breakdown of the Timeline for this alleged scam:

The case began in 2019 when Andrew Forrest noticed fraudulent ads on Facebook using his image and false endorsements to promote cryptocurrency investments. Despite repeated requests to Meta to address the issue, the ads continued to appear. Forrest subsequently filed a lawsuit in the Australian Federal Court. In June 2024, a U.S. District Court Judge ruled that the lawsuit could proceed, dismissing Meta's motion to have it thrown out.

Legal Implications:
The lawsuit against Meta could set a significant precedent for the accountability of social media platforms in preventing fraudulent advertisements. If Forrest succeeds, it may lead to stricter regulations and greater scrutiny of ad content, ensuring platforms like Facebook are more vigilant in protecting users from scams. The legal implications extend to other platforms as well, potentially resulting in widespread changes in digital advertising policies.
Summary:

Andrew Forrest, an Australian mining billionaire with an estimated net worth of $16.2 billion, has initiated a lawsuit against Meta, the parent company of Facebook, for failing to prevent fraudulent cryptocurrency ads on its platform. These ads, which misused Forrest's image and fabricated endorsements, have reportedly led to significant financial losses for unsuspecting investors. The case, which started in 2019, has seen a U.S. District Court Judge deny Meta's motion to dismiss it, allowing it to move forward in the Australian Federal Court. Forrest's legal battle highlights the potential for greater accountability of social media platforms in monitoring and preventing scam advertisements. If successful, the case could lead to major regulatory changes and improved protections for users against digital fraud.

These are the top hardware wallets that we have reviewed!
Entity Related Search Terms
Andrew Forrest Andrew Forrest lawsuit, Andrew Forrest Meta, billionaire sues Meta
Meta Meta lawsuit, Meta fraudulent ads, Meta cryptocurrency scam
Fraudulent Ads crypto scam ads, Facebook scam ads, investment scam ads
Australian Federal Court Australian Federal Court Meta case, Andrew Forrest court case
Facebook Facebook scam ads, Facebook Meta lawsuit
U.S. District Court Judge U.S. judge Meta case, Meta case ruling
ASIC ASIC Meta investigation, ASIC cryptocurrency scam
Forrest's Net Worth Andrew Forrest net worth, billionaire Andrew Forrest
Reference Source: [1https://coinfomania.com/crypto-scam-ads-on-facebook-billionaire-sues-meta/

Happy to Provide useful information.

recieve crypto

We provide all research and information based on the time we have available. If you feel that this information has helped you pick or avoid a thing - and you would like to share the love then these are the tokens that AI has recommended as being 'in high fluidity'

However we require nothing - and will continue to find these scams as they appear.

Of course, cash is king, and buying stuff is awesome.

Only send tokens to this address on Ethereum Mainnet (ETH)

Address:

0x098B28d1721d645fA406e8734c037c7D1FD70daD

Only send tokens to this address on Bitcoin Mainnet (BTC)
Address:
bc1qdu5rpel9hjr5rgzg4x3k6946gy6ay9eynjs0l5
Only send tokens to this address on BNB Smart Chain (LTC)
Address
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on BNB Smart Chain (USDC)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on Ethereum Mainnet Tether (USDT)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on BNB Smart Chain (BNB)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on Solana Mainnet Beta (SOL)
Address:
b6QRUrVdP8Q3Vtcp7fcrx5s7WTemZVDsz9L5PTXkbMw
Only send tokens to this address on BNB Smart Chain (DOGE)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on Solana Mainnet Beta (ADA)
Address:
b6QRUrVdP8Q3Vtcp7fcrx5s7WTemZVDsz9L5PTXkbMw
Only send tokens to this address on BNB Smart Chain (DOT)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
If you have found errors, unfold and provide some feedback please. and thankyou
Page Error Report
Get the latest news on crypto scams delivered to your inbox
Crypto Scamwatch Subscription Form
These are the top hardware wallets that we have reviewed!
These are the top hardware wallets that we have reviewed!
Copyright © 2024 Crypto Scam Watch

How We Work

All products recommended by CryptoScamWatch.com are selected by our editorial team. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram