Hoax crypto investment ads

[Dunamisx]

Just as it is popularly know that social media "ads" are pop-up messages, videos, and images on display which facilitate adverts, promotion and a means of passing information, but it implication does not end there, it is also a means of generating revenue (income) for bloggers by every click on display to cause accumulated traffic.

This led to a lawsuit filed against meta by an Australia Billionaire Andrew Forrest, stating that meta promote the use of ads in advertising cryptocurrency using his Identity, the Western Australian Magistrates court set March 28th 2022 for the hearing of the case and that about $952,000 AUD was recorded lost as a result of the tricky intends of ads advantage.

"Facebook has shown little appetite to self-regulate or take basic steps to protect Australians from the misuse of its platform by crooks and scammers, so I’ve been left with no other option than to take this action.” https://cointelegraph.com/news/aussie-billionaire-sues-facebook-over-crypto-scams-with-ag-s-consent  

Also, some prominent citizens have deemed feet in testifying to the bogus effect of ads in using celebrities and noble individuals in generating traffic for fake cryptocurrency investments as stated below:

Celebrities such as Kate Winslet and Forrest Gump were erroneously cited as testifying the legitimacy of a counterfeit coin in 2019. Bogus mainstream news stories quoting celebrities were used to promote a fake crypto investment platform. https://cryptonewmedia.press/aussie-billionaire-takes-meta-to-court-over-crypto-scams/

What is our take on ads using our profile credentials or status in promoting hoax cryptocurrency investments?
Does it warrant a lawsuit?

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[dansus021]

ads not 100% filtered even by big companies like facebook or google even phising site can make ads on google you can see bunchof them

not to mention the Gambling and HYIP ads that directly shows as banner on couple website

[Kemarit]

It's already have a precedent, as far as I can remember, Steve Wozniak face was used by scammers, file a lawsuit but losses the case.

A California superior court judge ruled the social media giant was not responsible for its users' content.

(https://www.coindesk.com/markets/2021/06/03/apple-co-founder-steve-wozniak-loses-case-against-youtube-involving-bitcoin-scam/)

Yes, it warrant a lawsuit but I don't think you can won the case.

[odolvlobo]

Celebrities such as Kate Winslet and Forrest Gump were erroneously cited as testifying the legitimacy of a counterfeit coin in 2019. Bogus mainstream news stories quoting celebrities were used to promote a fake crypto investment platform.

Forest Gump?

[btcjoe99]

Celebrities such as Kate Winslet and Forrest Gump were erroneously cited as testifying the legitimacy of a counterfeit coin in 2019. Bogus mainstream news stories quoting celebrities were used to promote a fake crypto investment platform.

Forest Gump?

that one made my day

[Husires]

Ads are rarely filtered with high accuracy, but unfortunately Facebook does not do a good job with removing scam crypto content compared to other content that violates the terms of use.

Try to report sexual or extremist content and you will find that it may be removed much faster than scam cryptocurrency content.


Identity theft is a bigger problem than this, and the affected party has the right to file a lawsuit against the platform if you do not remove the advertisement after the user proves his identity.

Things will not move beyond their impact on users in Australia and therefore you may find that personal data is important in countries, Facebook will investing more resources to protect individuals from those countries, and less important in other countries.

[hugeblack]

You as a user can do nothing because you will need a lot of resources to follow these scammers, hire a lawyer and then wait until they are caught and compensated appropriately.

Also, these scammers focus on celebrities because people believe the things they do (adding the word Elon Musk to your project may add value to it)

Such lawsuits will force these companies to devote more resources to tracking these scammers or make fraud more difficult for them.