British finance expert Martin Lewis has issued measures against Facebook in the High Court today. The accusations against the social media platform are for defamation of public character and challenge dishonest cryptocurrency advertisements, according to Lewis’ blog post.
Lewis claims that Facebook has published over 50 advertisements using his face to promote cryptocurrency trading scams.
“Enough is enough” Lewis declared on his blog, asserting that he has been struggling for a year to get the social media site to stop letting scammers use his face to “rip off vulnerable people”. His declaration comes with angst as he expresses his feelings on the happenings: “I feel sick each time I hear of another victim being conned because of trust they wrongly thought they were placing in me.”
The advertisements, which often are schemes for users to ‘get-rich-quick’ are usually trading options which have snappy titles such as Bitcoin Code’ or ‘Cloud Trader’which Lewis says are “financially dangerous” “fronts for binary trading firms based outside the EU”.
Given Bitcoin’s rise in popularity and subsequent rise in the price of this cryptocurrency and others, offers of digital tokens at better prices promising users a way to enter the world of crypto has seen many users fall victim to the scams. Advertisements such as these aim to entice vulnerable people by using the image of trustworthy figures who have had great success in digital finance. Since anyone with access to a valid credit card can advertise on Facebook, it seems easy for the scams to find a place to target the susceptible.
Lewis slates the internet-giant, expressing that this has not only caused him stress and effort but this has been “extremely depressing”, referring to his reputation which has been “besmirched by such a big company, out of an unending greed to keep raking in its ad cash.”