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Australian Watchdog Warns: Over Half of Crypto Ads on Facebook Are Scams

By:W, Leah
Last updated:08/15/2024
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Australia’s competition watchdog the Australian Competition and Consumer Commission (ACCC) has disclosed that more than 50% of cryptocurrency advertisements featured on Facebook are either deceptive scams or in breach of Meta’s advertising guidelines.

This revelation stems from the ACCC’s ongoing investigation, conducted amidst its legal dispute with Meta, the parent organization 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.

Remarkably, despite the lawsuit’s persistence for over two years, a definitive hearing date remains pending.

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58% of Crypto Ads on Facebook Are Scams

In a recent submission to the federal court, the Australian Competition and Consumer Commission (ACCC) unveiled that an initial assessment of cryptocurrency advertisements on Facebook has uncovered that roughly 58% of these ads either contravene Meta’s Advertising Policies or are strongly suspected of being linked to scams.

These unscrupulous advertisements frequently capitalize on the images and personas of prominent Australians, such as entrepreneur Dick Smith, ex-casino mogul James Packer, and renowned Hollywood stars including Chris Hemsworth, Mel Gibson, Nicole Kidman, Russell Crowe, as well as former politician Mike Baird.
While the ACCC hasn’t quantified the total monetary losses incurred from these scams, statistics from Scamwatch, an official Australian Government platform, underscore the persistent danger posed by investment frauds.
Specifically, in 2024 alone, Australians have lodged 3,456 complaints regarding investment scams, with reported losses surpassing $78 million.

During its investigation, the ACCC identified around 600 ads as potentially violating Meta’s policies, though it is currently focusing on 234 ads.

The commission believes that further examples of deceptive crypto promotions could surface as the legal discovery process unfolds.

Andrew Forrest Files Suit Against Meta

Last year, Australian mining tycoon Andrew Forrest initiated legal action against Meta, alleging that Facebook advertisements employed deepfakes of his image to promote fraudulent cryptocurrency schemes.

Initially dismissed, the case has recently been given the green light to proceed by a U.S. judge..
The ACCC argues that Meta has been aware of the problem since at least January 2018 but has not taken sufficient action to curb the misleading practices.
Despite removing individual ads and occasionally banning associated accounts, Meta continues to display and profit from similar deceptive advertisements.
Meta, in its defense, asserts that it invests heavily in safety measures to combat scams, including removing fake accounts.
As reported, the cryptocurrency sector suffered substantial losses in July, with hackers stealing approximately 266 million through16 distinct breaches. .
Among the most notable incidents was the July 18 attack on Indian crypto exchange WazirX, which accounted for over $230 million, or 86.4%, of the month’s total losses.
Other significant victims of July’s crypto hacks included algorithmic protocol Compound Finance, which lost $24 million, bridging protocol Li. Fi ($10 million), decentralized AI protocol Bittensor, and liquidity provider Rho Markets, each losing $8 million.

In stark contrast to July, June witnessed a comparatively lower loss of $176 million across roughly 20 incidents, underscoring a dramatic surge in the value of stolen assets within just a single month.

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