Altcoin News: Dutch Billionaire Sues Facebook for Crypto Scam Ads

June 7, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Dutch billionaire John de Mol on Wednesday sued the social network Facebook because of ads placed on the platform cryptocurrency fraudulent scheme using his name and photo, Reuters writes.

De Mol is a media personality — in the Netherlands, he ran the Big Brother and Voice shows. The representative of the plaintiff stated before the court that Facebook could not limit the distribution of fake advertisements on its platform. In them, potential investors were offered to send money to buy Bitcoin or to participate in a non-existent cryptocurrency enterprise, which allegedly was associated with a celebrity.

The plaintiff requires the social network to correct the algorithms for detecting suspicious ads while simultaneously mentioning his name and cryptocurrencies that caused him reputational damage.

A Facebook spokesman said the company cannot track ads on all of its platforms, adding that fraudulent ads were removed after receiving a complaint.

Obviously, De Mol possesses enough influence to turn matters in their favor. This week, Facebook representatives had to meet with the Dutch financial market regulator to discuss the social network approach to fighting fraud.

Representatives of the plaintiff said that investors lost about $2 million, believing in the proposal mentioning celebrities.

“I don’t know what reality Facebook lives in, but that doesn’t work,” Lawyer Jacqueline Schaap said.

The judge expressed the hope that the participants in the process would be able to agree among themselves.

Author: Marko Vidrih