According to Australia’s competition watchdog, more than half of the crypto ads on Facebook are either fraudulent or in violation of Meta’s policies based on preliminary research.
In 2022, the Australian Competition and Consumer Commission (ACCC) filed a case against Facebook’s parent company, Meta, for allegedly assisting celebrity crypto scam ads on the platform.
The court date is still pending. In a recent court filing, the ACCC states that their initial analysis of crypto advertisements on Facebook revealed that up to 58% of the ads were either in violation of Meta’s Advertising Policies or were potentially involved in scams.
These ads use images of well-known Australians, including Dick Smith, James Packer, Chris Hemsworth, Mel Gibson, Nicole Kidman, Russell Crowe, and Mike Baird, to promote crypto investment scams.
