The Aussie watchdog says that Facebook parent company Meta allowed the crypto scammers to defraud victims of hundreds of thousands of dollars, and it might’ve broken consumer law in doing so.
Australia's consumer and competition watchdog is investigating Facebook’s parent company Meta for a long running series of fraudulent cryptocurrency advertisements of the platform.that billionaire businessman Andrew “Twiggy” Forrest was pursuing criminal action against the social media giant for allegedly serving users crypto scam ads and fake articles which used his name and likeness.
In Feb 3 comments to The Australian, ACCC chair Rod Sims said that although their investigation shares similarities with Forrest’s case, the “ACCC’s investigation is separate and concerns different questions of law.” Forrest claims that by failing to take sufficient steps to eliminate the scam from being shared on its platform, Meta is not only in breach of Australia’s money-laundering laws, but also behaved in a “criminally reckless” manner.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meta, formerly Facebook, faces historic drop as stock tanksShares in Facebook parent company Meta are in the midst of their worst day ever Thursday after the social media giant reported a rare decline in profit due to a sharp increase in expenses as it invests heavily in its transformation.
Read more »
Meta adds 3D avatars to Instagram stories, Facebook posts and MessengerMeta has announced it will add 3D avatars to a host of company platforms, including Instagram, Facebook and Messenger, in a move to get users to grow familiar with online avatars during the company's metaverse push.
Read more »
Jack Dorsey: Diem was a waste of time, Meta should’ve focused on BTCDorsey said that although Facebook probably started Diem for “the right reasons,” it should’ve used an open-ended protocol like Bitcoin rather than attempting to create its own currency.
Read more »
Meta Stock Falls Over 20% After Fourth-Quarter Profit Dropped More Than ExpectedInvestors weren't pleased with the company's profitability—even after anticipating that its shift toward virtual reality and the metaverse would eat away at income.
Read more »
Meta Platforms Stock Plunges After Former Facebook Misses Q4 ForecastShares in Meta Platforms, the tech giant formerly known as Facebook, plunged in after-hours trading after the company missed Wall Street forecasts for earnings in the fourth quarter. The stock, whi…
Read more »
Jack Dorsey: Diem was a waste of time, Meta should’ve focused on BTCIn an interview with Microstrategy CEO Michael Saylor, Bitcoin proponent and former Twitter CEO Jack Dorsey took a swing at rival Facebook’s failed crypto stablecoin project, Diem.
Read more »