Case Dismissed Due to Lack of Evidence
Australian prosecutors have dropped the lawsuit filed by billionaire Andrew Forrest against Meta (formerly Facebook) over the use of his image in crypto scam ads. The decision comes as a setback for Forrest, who accused Meta of failing to prevent the fraudulent ads.
Forrest’s Allegations
In February 2022, Forrest launched a lawsuit, claiming that Meta had allowed scam ads to use his name and image, violating Australia’s anti-money laundering laws. He alleged that Meta failed to implement adequate measures to stop criminals from using his identity to defraud Australian users.
Prosecutors’ Decision
However, prosecutors have now withdrawn the lawsuit, citing insufficient evidence to support the criminal charges. A spokesperson for the Commonwealth Director of Public Prosecutions confirmed the decision on Friday.
Forrest’s Disappointment
Forrest expressed disappointment, calling the dismissal a “tragedy” for victims who have lost money to crypto scams. He believes that Meta should be held accountable for its role in enabling these frauds.
Meta’s Response
Meta stated that combating online scams is a complex issue, but reiterated its commitment to protecting users. The company has since filed a motion to dismiss Forrest’s separate lawsuit in California, arguing that US laws do not hold online platforms responsible for third-party content.
Forrest’s Ongoing Pursuit
Despite the setback in Australia, Forrest remains determined to hold Meta accountable. He is continuing to pursue a lawsuit in California, where he alleges that over 1,000 crypto scam ads appeared on Facebook between April and November 2023.
Crypto Scams a Persistent Problem
Crypto scams continue to be a major problem in the digital asset industry. According to Immunefi, over $14 million was lost to frauds and scams in the first quarter of 2024. This highlights the need for improved blockchain security measures to combat these threats.
