Australian Watchdog: Over Half of Crypto Ads on Facebook Are Scams
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Australia’s competition watchdog has revealed that over half of the cryptocurrency ads on Facebook are either scams or violate Meta’s advertising policies.
The Australian Competition and Consumer Commission (ACCC) conducted research as part of its ongoing legal battle against Meta, the parent company of Facebook.
The ACCC’s scrutiny of Facebook’s crypto advertisements began in 2022 when the commission sued Meta, accusing the tech giant of “aiding and abetting” fraudulent crypto ads that leveraged the images of Australian celebrities.
Despite the lawsuit being in progress for over two years, a hearing date has not yet been set.
In a recent filing to the federal court, the ACCC disclosed that an initial review of crypto ads on Facebook revealed that approximately 58% of the ads breached Meta’s Advertising Policies or were likely linked to scams.
These fraudulent ads typically exploit the likeness of well-known Australians, including entrepreneur Dick Smith, former casino executive James Packer, and Hollywood actors like Chris Hemsworth, Mel Gibson, Nicole Kidman, Russell Crowe, and former politician Mike Baird.
Although the ACCC has not specified the total financial losses from these scams, data from Scamwatch, an Australian Government website, indicates that investment scams remain a significant threat.
In 2024 alone, Australians have reported 3,456 cases of investment scams, with losses exceeding $78 million.
During its investigation, the ACCC identified around 600 ads as potentially violating Meta’s policies, though it is
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