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Home»BITCOIN NEWS»Australian prosecutors dismiss Andrew Forrest’s lawsuit against Meta over cryptocurrency scam ads
BITCOIN NEWS

Australian prosecutors dismiss Andrew Forrest’s lawsuit against Meta over cryptocurrency scam ads

By Crypto FlexsApril 13, 20243 Mins Read
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Australian prosecutors dismiss Andrew Forrest’s lawsuit against Meta over cryptocurrency scam ads
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Australian prosecutors have reportedly dismissed Andrew Forrest’s lawsuit against tech giant Meta over cryptocurrency scam ads featuring his face on Facebook. The development is a major blow to the Australian billionaire, who has been trying to hold Meta accountable for allegedly allowing malicious actors to use his images to promote cryptocurrency scams.

Australian authorities dismiss Forrest case due to insufficient evidence

In February 2022, Andrew Forrest launched the first lawsuit against Meta, claiming the Silicon Valley-based company failed to prevent the company from using his image and name in fraudulent ads on Facebook. Forrest, who is also Australia’s second-richest person, has received approval from Commonwealth Attorney General Michaelia Cash to bring criminal charges against technology companies as an individual.

The mining magnate, who owns a 37% stake in Fortescue Metals Group, claimed Meta had committed three offenses in breach of Australia’s anti-money laundering laws. This is because Australia’s anti-money laundering laws have not implemented the necessary measures against criminals who use their faces to advertise cryptocurrency scams to scam unsuspecting Australian users.

However, according to a recent Reuters report, Australian prosecutors withdrew the case Forrest brought against the social media company, citing a lack of credible evidence to pursue the criminal charges in question. The decision was made public Friday by a spokesperson for the U.S. Attorney’s Office.

Andrew Forrest expressed disappointment with this development, describing the incident as a “tragedy” for innocent victims who were robbed of their hard-earned money by cryptocurrency scams. Meanwhile, Meta said that fighting online fraud is “complex” but reiterated its commitment to combating these threats to continue to protect users.

Andrew Forrest remains responsible for the meta after the setback.

Despite Australian authorities closing the case, Andrew Forrest remains firm on his prosecution of Meta, filing a separate lawsuit against the tech giant in California to address the same issues.

Meta has since petitioned the case, arguing that U.S. law does not allow online platforms to be held liable for the use of their customers or third parties, but Forrest argues that such laws are only valid within U.S. borders. The Australian billionaire remained adamant about buying this alternative example in the United States, saying more than 1,000 cryptocurrency scam ads were discovered on Facebook between April 2023 and November 2023.

Cryptocurrency fraud in general remains a notorious problem in the digital asset industry. According to data from security firm Immunefi, $14.67 million was lost to fraud and scams in the first quarter of 2024. These figures highlight the need for continued and necessary development of more innovative and effective blockchain security measures.


Total crypto market valued at $2.348 trillion on the daily chart | Source: TOTAL chart on Tradiingview.com

Featured image from ABC, chart from Tradingview

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