• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Bitcoinist.com
No Result
View All Result
Breaking News: Tether Announces Strategic Partnership To Combat Stablecoin Misuse
Meta

Australian Watchdog Takes Meta To Court Over Scam Crypto Ads

Christian Encila
by Christian Encila
2 months ago
·
Posted in Crypto News, News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On Friday, Australia’s competition regulator launched a case against Facebook owner Meta Platforms, alleging that the social media behemoth failed to prevent fraudsters from taking advantage of its platform to promote bogus advertisements featuring famous people.

Several consumers have lost hundreds of thousands of dollars as a result of the ad’s complex and long-running scams.

Since 2020, the site has been besieged by adverts promoting cryptocurrency investing.

Each advertisement features a photo of a renowned Australian, such as entrepreneur Dick Smith, television personality David Koch, or former New South Wales premier Mike Baird.

Related Article | Central Bank Of Russia Gives Sberbank Authority To Issue Digital Assets

Meta Promoting Fraud?

The promotion claims to have amassed fortunes through investments in a fabricated news article that links to the phony investment website.

According to the Australian Competition and Consumer Commission, one victim lost $650,000 to a fraud.

Rod Sims, chair of the ACCC, has this to say:

“At the heart of our case is the assertion that Meta is accountable for the ads it posts on its platform.”

Sims continued that it is alleged Meta had full knowledge that fraudulent ads were being placed on Facebook but failed to take adequate efforts to remedy the matter.

Since the beginning of February, the spotlight has been on Meta in Australia, with various news outlets previously claiming that the ACCC was probing the firm for potentially false cryptocurrency ads. This situation echoes broader concerns about scam ads on digital platforms, which has prompted global discussions around regulating crypto advertising in the UK and other jurisdictions.

Andrew Forrest, an Australian mining magnate, also sued the company for allegedly hosting adverts that used his identity to dupe victims.

A previous Guardian Australia inquiry discovered that the sites were registered to Russian and Ukrainian IP addresses.

Related Article | Scam Victim Gets Back Bitcoin Worth $500K From U.S. Authorities

Criminals Know Their Game

Meta has had some difficulties keeping the ads off its platform, GA said, since criminals frequently change the URLs of the scam sites and the language of the ads to avoid Facebook’s ad filtering.

Sims was direct in asserting that:

“It is far from a dumb billboard in the town square, Facebook has active control of this at many stages.”

The ACCC, he noted, has “easily identified” more than $100 million in victim funds lost to fraudsters.

Meta stated that any ads that defrauded consumers or misled users broke the firm’s regulations, and the company employs the latest technology to detect and block such posts.

Additionally, the company disclosed that it had cooperated with the ACCC’s inquiry into this problem thus far.

Smith, who protested to Meta in 2020 about the advertisements, applauded the legal action.

“I simply lack the financial resources. I knew that if I attempted to take on Facebook, I would wind up spending a fortune and they would just throw money at it,” he told The Guardian Australia.

Featured image from CNBC, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Ceasefire

BREAKING – Iran-Israel Ceasefire Sparks Crypto Bounce–Details

2 weeks ago
trump

Trump: manovra da 3$ miliardi in Bitcoin

1 month ago
dogecoin rialzista

Dogecoin verso i 5$: ecco i 5 fattori rialzisti

1 month ago
Paul Atkins

Paul Atkins Sworn In As New SEC Chair, Vows New Approach To Crypto

2 months ago
Why Choosing the Best Crypto Marketing Agency in 2025 Is Non-Negotiable

Why Choosing the Best Crypto Marketing Agency in 2025 Is Non-Negotiable

3 months ago
crypto

Crypto Gets An Upgrade? Japan To Label It As A Financial Product

3 months ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Earn $3,300 a day – Start a Dogecoin Miner Using...

    3 hours ago
  • Make $6,870 a day? You can also easily achieve the profit...

    3 hours ago
  • ETHRANSACTION Cloud Mining: Let Dogecoin truly “win...

    9 hours ago
  • How to Invest $100K? Top Secure Crypto Mining Platforms in...

    10 hours ago
  • mining

    AIXA Miner’s Advanced AI Cloud Mining Solutions Help...

    12 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
  • 200 FREESPINS
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.