Billionaire Andrew Forrest’s Crypto Ad Scam Lawsuit Against Meta Will Go Ahead, Judge Rules

Author

Julia Smith

Author

Julia Smith

About Author

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

Author Profile

Share

Copied

Last updated: 

June 18, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Australian mining billionaire Andrew Forrest’s lawsuit against Meta for hosting several crypto ad scams bearing his likeness has been given the green light after the tech conglomerate failed to have it dismissed, U.S. District Court Judge Casey Pitts ruled on Monday.

Australian Billionaire Andrew Forrest’s Meta Lawsuit To Go Ahead

According to Monday’s court filing, Forrest’s claims of negligence against Meta will be able to go forward despite legal pushback from the Mark Zuckerberg-led company.The ruling also grants Forrest the ability to argue that Meta itself was complicit in the production of the sham crypto campaign given that the fraudulent advertisements in question were developed using software made available by the social media platform that “ultimately determines what completed ads look like and who sees them.”

Dr. Andrew Forrest sued Meta over scam Facebook ads that included deepfakes of him promoting crypto.

He alleged that Meta's software helped to create some of the scam ads via GenAI tools.

Today, the court ruled that his publicity rights and negligence claims can go forward. pic.twitter.com/LH7jQ6wFVP

— Rob Freund (@RobertFreundLaw) June 18, 2024

“Dr. Forrest claims that Meta profited more from ads that included his likeness than it would have if the ads had not,” Pitts’ judgment reads in part. “This is enough to adequately plead that the alleged misappropriation was to Meta’s advantage.”

Meta Pushes Back On Crypto Scam Advertisement Claims

Forrest, who first learned in 2019 that his name and likeness were being used to fraudulently promote cryptocurrencies to Meta users, claims over 1,000 ads ran between April through November last year costing victims millions of dollars.“Some were accompanied by fake testimonials from investors who said they turned $250 into millions in a matter of months,” the filing continues. “Others included doctored “deepfake” videos of Dr. Forrest.”While Meta had originally assured Forrest “it would take steps to stop the imposter pages,” several of the crypto ads remained, many of which the mining executive alleges are still up and running today.The Silicon Valley-based tech giant has largely deflected responsibility for the ads to the third party users who generate the advertisements, though the company has offered “sympathy” to “the people who have been impacted.”

Forrest Vows To Hold Tech Giant Accountable

The legal victory for Australia’s second richest man after prosecutors down under dropped his attempt to criminally charge Meta just two months ago for their purported involvement in the crypto scheme, citing insufficient evidence.Forrest, whose net worth is estimated to be $16.5 billion, called April’s decision “a tragedy for innocent parents and grandparents who have lost their life savings.”However, Pitts’ ruling could pave the way for Forrest to prove Meta’s liability in the crypto ad running scheme.“This is a crucial strategic victory in the battle to hold Facebook accountable,” Forrest said.