Meta, the parent firm of Facebook is being sued over “Scam Celebrity Crypto Ads”. Australian authorities have raised the matter and are taking legal action against the firm. According to Sky News, one of the victims of scam ads lost over half million dollars(AUD).
Needless to say, the amount was huge and the way the scammers operated wasn’t exactly something new. Facebook allegedly did not do much to prevent these scammers. Regulating the crypto space is hard. Blocking every scam advertisement is nothing short of a nightmare.
Of course, every firm has its own obligations and they need to fulfill them within time or else the consequences might be too severe. If you are interested in knowing every important detail regarding the incident, the following content is something you should go over.
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Unregulated Space
Cryptocurrencies are a big debate regardless of which way you look at it. Even governments themselves are having a tough time and the situation is not an easy one to handle. Cyber criminals are creating scams at an alarming rate and are raking in billions of dollars every year.
After carefully analyzing the patterns used by the crooks, we are convinced that the only way to win this war is by educating the audience.
Remember, if everyone has done enough research about the market, then the number of scams will fall and eventually, they will die. Though educating the masses isn’t a joke, it certainly is worth all the hassles involved.
Facebook Scam Celebrity Crypto Ads
Nowadays, many celebrities promote coins and tokens without being aware of the risks present. In most cases, damages occur only to followers or fans, but there have been few instances where even the promoters too had to bear the load.
Facebook might have gone down a bit in terms of popularity, but it still is a powerful tool that can enable people to reach billions. Celebrities often have huge following and one of the easiest ways of monetising them is by promoting brands and deals.
While there is nothing wrong with using referral links and other material, they do need to be honest and upfront about the downsides. More importantly, they should understand the real nature of the goods and services they intend to peddle.
Australian Commission
Australian Commission is suing Meta, the parent firm of Facebook for facilitating “Scam Celebrity Crypto Ads”. Allegedly, the celebrities in the advertisement were never informed about the end agenda. According to online sources, a user has lost over $600,000 AUD because of the scam ads.
The latest victim of the scam is from Australia and he was lured in using the same gimmicks whichever ponzi scheme employs. High pressure marketing tactics and misleading information are the main things weaponized by the perpetrators.
After going through all the reports, as end consumers, we can only hope for the best. Eradicating misleading ads is an ambitious goal and it isn’t something that can be achieved within a few weeks. The current landscape unfortunately does help crooks a lot and this issue should be addressed quickly.
How to stay safe from Scam Celebrity Crypto Ads
The easiest way to avoid Scam Celebrity Crypto Ads is by proceeding only with projects that you thoroughly understand. Never invest in anything that you do not understand well. Celebrity pitches and ads might hype a few coins, but it will never be sustainable.
So, be careful about the things you invest in and take professional help whenever you feel it is necessary. Lastly, never ever invest more than what you can afford to lose. Markets are ruthless and as there is no such thing as sure-shot, we need to focus more on risk management and diversification.
Recover Funds
While it might take a long time for tech giants and authorities to eradicate scams, you can take matters into your own hands if you have lost money to any kind of online hustle. The key to successful recovery directly correlates with early detection.
Thanks to the current technological era, funds can be traced and recovered pretty quickly. However, handling formalities is a bit tedious, but for the time being, there is no way around that.
If you have lost funds to fraudulent programs or crypto projects, get in touch with us via the contact form. We will assess your case and help you get started for free.
Facebook Scam Celebrity Crypto Ads Endnote
Facebook “Scam Celebrity Crypto Ads” is just another event that has shown the negative side of the social media platforms. Clearly, the flaws are deadly and unless it is fixed soon, only bad things can happen for retail investors as they are the ones that are vulnerable.
If you were ever misled by Scam Celebrity Crypto Ads, comment below and share your experience.