Meta is being sued by the Australian Competition and Consumer Commission (ACCC) for false cryptocurrency advertisements

The Australian Competition and Consumer Commission (ACCC) has filed a Federal Court complaint against Meta Platforms, Inc. (previously Facebook), saying that the company and its Irish subsidiary engaged in “false, misleading or deceptive conduct” by running fraudulent celebrity crypto adverts.

The sophisticated and long-running scams linked to the ad have cost some people hundreds of thousands of dollars.

Since the beginning of February, the Australian Competition and Consumer Commission (ACCC). Of course, has been investigating Meta for potentially false crypto adverts. Andrew Forrest, an Australian mining billionaire, sued the corporation for hosting adverts that allegedly used his name to deceive victims.

The ACCC said that Meta
“aided and abetted or was knowingly concerned in fraudulent or misleading conduct and representations by the marketers”
in a statement released earlier today

The ads, according to the regulator, contained suspicious links that took viewers away from Facebook. Then, and to a bogus news item with remarks ascribed to the public figure allegedly advocating a “cryptocurrency or money-making plan.”

“Users were then invited to sign up and were subsequently contacted by scammers who”
“used high-pressure tactics, such as repeated phone calls,”
” to convince users to deposit funds into the fake schemes,” the announcement read.

“Meta is liable for these ads that it posts on its platform,” says ACCC Chair Rod Sims.
Then, adding that the firm will profit financially if the ads are off.

The ACCC claims that the company’s actions are in violation of the Australian Consumer Law (ACL) or the Australian Securities and Investments Commission Act (ASIC Act). Then, and is seeking “declarations, injunctions, penalties, costs, and other orders.”

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