Facebook’s Meta Sued for Crypto Scam

• The Australian Competition and Consumer Commission has sued Facebook’s parent company, Meta for publishing misleading content

• The ACCC alleges that the social media giant promoted investment in cryptocurrency in ads that likely to mislead Facebook users

• The ads contained links that took Facebook users to a fake media article where they dropped their details and were contacted by scammers

The Australian Competition & Consumer Commission (ACCC) announced Friday that it was suing Facebook’s parent company Meta and Meta Platforms Ireland Ltd.

The ACCC accused the company and its affiliates of taking part in false, misleading, or deceptive conduct by publishing ads on Facebook.

The competition regulator also alleged that aided and abetted or knowingly participated in misleading conduct by advertisers.

According to the ACCC, the ads promoted investment in crypto and other money-making schemes.

The regulator also claimed that the ads feature well-known people such as Dick Smith, TV presenter David Koch, and former NSW Premier Mike Baird. It also led users to believe that the schemes were associated with these people.

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The competition regulator revealed that Meta was sued because it was aware of the cryptocurrency scam ads on Facebook and did nothing to stop it.

The statement from the ACCC disclosed that it is seeking “declarations, injunctions, penalties, costs and other orders,” for the tech giant.

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