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Andrew Forrest, an Australian billionaire, is suing Facebook for cryptocurrency fraud

Fortescue Metals Group’s former CEO is Forrest. His net worth is estimated to be $18.2 billion, according to Forbes. More so, Criminals began impersonating Forrest and exploiting his name to deceive Australians into making bogus cryptocurrency investments.

The millionaire, according to The Australian newspaper, has chosen to sue Facebook, which has just changed its name to Meta. This is on behalf of “everyday Australians — mothers and fathers, grandparents and grandchildren. Of course, who have worked their entire lives to pool their savings. Then, and ensure that these savings are not stolen by scammers.”

Additionally, One of the victims lost $670,000 in one of the schemes, according to the lawsuit. Then, As the bitcoin industry has grown in recent years. Of course, criminals have increasingly used the image of powerful people to perpetrate fraud.

Also, Big names in the crypto realm, like as Elon Musk and Michael Saylor. So, they have already been utilized to entice inexperienced investors.

Every hour, roughly 10 to 15 films utilize MicroStrategy’s image to lend credence to fraudulent projects placed on YouTube, according to the company’s CEO.

Other Forrest ruses

Then, Forrest publicly chastised Facebook in 2019 for allowing crypto frauds involving his name and image to spread on the social media platform. Lastly, He now argues that the corporation broke Australia’s anti-money laundering rules by failing to stop the adverts from spreading.

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