Australian Regulator Accuses Facebook of Fraudulent Crypto Ads

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI


  1. Meta’s Legal Battle Continues
  2. The Serious Scale of Fraud
  3. Meta’s Responsibility

  4. Australia’s competition authority claimed that 58% of crypto ads on Facebook are scams or violate Meta’s ad policies, causing a significant stir. This serious accusation emerged from preliminary investigations by the Australian Competition and Consumer Commission (ACCC).

    Meta’s Legal Battle Continues

    In 2022, the ACCC sued Meta, Facebook’s parent company, for allegedly aiding and hosting crypto scam ads using celebrities’ names. Although no trial date has been set, the Commission recently claimed that 58% of the reviewed ads violated Meta’s Ad Policies or were fraudulent. These ads are known to exploit the reputations of famous Australians to promote crypto investment scams. Victims include businessman Dick Smith, billionaire former casino executive James Packer, Hollywood stars Chris Hemsworth, Mel Gibson, Nicole Kidman, Russell Crowe, and former politician Mike Baird.

    The Serious Scale of Fraud

    While exact losses from these scams are not provided, Australia’s Scamwatch site shows investment scams are the most effective method for Australians to lose money. As of 2024, 3,456 complaints about investment scams have been recorded, with losses exceeding $78 million. The ACCC identified 600 ads during the investigation but is currently focusing on only 234. Other celebrity scams may also emerge during this process. In December 2023, Australian billionaire miner Andrew Forrest sued Meta for using his image in deep fake crypto scam ads. Although initially dismissed, a US judge allowed the case to proceed in June.

    Meta’s Responsibility

    The regulatory body claims that “since at least January 2018, Meta has been aware that a significant portion of crypto ads on the Facebook Platform used misleading or deceptive promotional practices.” Despite advertisers’ obligation to comply with Meta’s Ad Policies, such ads continued, and Meta might have technology to flag suspicious ads. Meta states that it invests in “products and support systems” to keep scammers off the platform and removes fake accounts. In the last quarter of 2023, Facebook intervened with 691 million fake accounts, down from 827 million in the previous quarter and 2.2 billion fake profiles in 2019.

    Australia’s ACCC claims 58% of Facebook crypto ads are scams or policy violations. Meta faces a lawsuit for allegedly aiding crypto scams using celebrities’ names. Investment scams have caused Australians to lose over $78 million as of 2024.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

SEC Provides Regulatory Clarity for Canton Coin

The SEC classifies Canton Coin as a digital commodity, providing regulatory clarity for its issuance and distribution model.

user avatarFilippo Romano

Bitbase Launches ORIGIN Points Program to Reward User Engagement

Bitbase has launched the ORIGIN Points program to reward user engagement over 26 weeks, distributing 1,000,000 points weekly starting November 4, 2026.

user avatarEmily Carter

Bitbase Launches ORIGIN Points Program to Reward User Participation

Bitbase has introduced ORIGIN, a new points program rewarding user participation over six months.

user avatarTomas Novak

Political Changes Prompt Scrutiny of AI Infrastructure and Energy Consumption

Political changes following the 2026 US midterm elections have led to increased scrutiny of AI infrastructure spending and its environmental impacts, particularly in Texas.

user avatarKaterina Papadopoulou

Elon Musk Proposes Orbital Data Centers Amid Political Changes

Elon Musk suggests moving AI data centers into space due to political changes affecting energy consumption and infrastructure.

user avatarMaya Lundqvist

Crypto Faces Setback in Ohio Election

Crypto-aligned political groups faced a major setback in Ohio as Democrat Sherrod Brown won against Republican Jon Husted despite significant spending.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.