Meta, the parent company of social media giant Facebook, is in hot water again because of crypto scam advertisements. According to a recent Wall Street Journal article, the Australian Competition and Consumer Commission, Australia’s primary competition regulator, has taken the tech giant to court, arguing that it failed to firmly clamp down on phoney celebrity endorsements.
According to Commission Chair Rod Sims, the corporation could have done more to protect customers from harmful ads. Meta, on the other hand, claims to have been collaborating with the regulator while praising its scam-detecting technology. Numerous renowned Australians, including politician Mike Baird, have become involved in crypto fraud schemes, with their names being used to promote such items invertedly.
For years, scammers have used the same tactic: they post phoney news items with persuasive quotes from celebrities in order to entice others to invest in a crypto fraud. While seasoned cryptocurrency users are unlikely to fall victim to such frauds, it is not uncommon for ordinary folks to part with their money in this way. According to the regulator, a single victim can lose $450,000 after clicking on a fake crypto advertisement.
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