Martin Lewis Sues Facebook Over Misleading Crypto-Related Ads

The personal finance expert has seen his name abused in faked advertisements selling fraudulent crypto-related products.

articleStartImage

Martin Lewis believes fraudulent ads on Facebook drew inveterate investors into shady Bitcoin-related schemes, destroying savings and lives. The personal finance expert, known for his MoneySavingExpert.com service, is suing Facebook for allowing the misleading apps.

Facebook discontinued crypto-related apps, but by that time, the damage had been done.

“The impact on peoples mental health of losing their retirement funds, or losing their children’s, children’s money that they thought they were investing is catastrophic and life-destructive,” said Lewis, quoted by Business Insider.

Coinbase 2

Some of the largest scams have affected buyers who are in fact very far from the crypto community, and have very little understanding of digital currencies. Cloud mining schemes and other get-rich-quick opportunities have been sold directly to people with no previous knowledge of the mechanisms or risks of crypto coins.

Lewis has pointed out he is not after Facebook just for settlement money, but also aims to extract an apology, and make the company reconsider its policy on faked ads. The abuse of his name has preyed on people who trusted the money expert’s reputation, and believed crypto-related schemes were in fact safe, well-established investment opportunities. He believes Facebook can use its team to actively moderate personal finance ads:

“No ones says that a technology company can only have technological solutions. If you can’t do it with technology, you know what you have to do, is you have to cut your profits and do it manually,” he said.

Facebook put a freeze on crypto ads in January, but reintroduced them in June. In general, crypto projects do not advertise themselves directly, and use grass-roots community building. Marketing is also directed to people who are aware of the risks and technology, and can estimate not to over-invest.

However, projects like BitConnect and similar cloud mining schemes often prey on those who are ready to invest significant funds. In the end, latecomers often use their investment, if the pyramid scheme crumbles.

Martin Lewis Sues Facebook Over Misleading Crypto-Related Ads 1
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

Leave a Reply

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 32,736.00
ethereum
Ethereum (ETH) $ 1,911.33
tether
Tether (USDT) $ 0.995332
binance-coin
Binance Coin (BNB) $ 287.41
cardano
Cardano (ADA) $ 1.21
dogecoin
Dogecoin (DOGE) $ 0.225824
xrp
XRP (XRP) $ 0.628372
usd-coin
USD Coin (USDC) $ 0.996735
polkadot
Polkadot (DOT) $ 15.01
binance-usd
Binance USD (BUSD) $ 0.990857
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 32,736.00
ethereumEthereum (ETH)
$ 1,911.33
tetherTether (USDT)
$ 0.995332
bitcoin-cashBitcoin Cash (BCH)
$ 462.44
litecoinLitecoin (LTC)
$ 125.36
bitcoinBitcoin (BTC)
27.503,31
ethereumEthereum (ETH)
1.605,81
tetherTether (USDT)
0,836233
bitcoin-cashBitcoin Cash (BCH)
388,52
litecoinLitecoin (LTC)
105,32
bitcoinBitcoin (BTC)
23,538.66
ethereumEthereum (ETH)
1,374.33
tetherTether (USDT)
0.715688
bitcoin-cashBitcoin Cash (BCH)
332.52
litecoinLitecoin (LTC)
90.14

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020
Mining City insists that it is legit
Mining City Refutes Claims By Philippines SEC Of Being A Scam
September 23, 2020

Blockchain/Cryptocurrency Questions and Answers

What Is Plethori Platform And How Does It Work?
June 12, 2021
What Is The Fudge Token?
What Is The Fudge Token?
June 5, 2021
What Is Shiba Inu (SHIB) Cryptocurrency And How Does It Work?
What Is Shiba Inu (SHIB) Cryptocurrency And How Does It Work?
May 31, 2021
What Is PancakeSwap And How Does It Work?
What Is PancakeSwap And How Does It Work?
May 27, 2021
How Has Internet Computer (ICP) Become A Top-10 Crypto?
How did “Internet Computer Coin”(ICP) Become A Top-5 Crypto?
May 19, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin32,781 1.65 % 3.36 % 14.46 %
Ethereum1,912.8 1.74 % 4.63 % 19.15 %
Tether0.9976 0.23 % 0.71 % 0.09 %
Binance Coin285.65 2.03 % 0.56 % 17.55 %
Cardano1.220 1.25 % 1.46 % 17.80 %
Dogecoin0.2272 2.88 % 10.40 % 26.05 %
XRP0.6259 2.76 % 5.25 % 25.12 %
USD Coin1.000 0.22 % 0.01 % 0.10 %
Polkadot14.97 3.31 % 7.95 % 34.42 %
Binance USD1.000 0.10 % 0.12 % 0.10 %

bitcoin
Bitcoin (BTC) $ 32,736.00
ethereum
Ethereum (ETH) $ 1,911.33
tether
Tether (USDT) $ 0.995332
binance-coin
Binance Coin (BNB) $ 287.41
cardano
Cardano (ADA) $ 1.21
dogecoin
Dogecoin (DOGE) $ 0.225824
xrp
XRP (XRP) $ 0.628372
usd-coin
USD Coin (USDC) $ 0.996735
polkadot
Polkadot (DOT) $ 15.01
binance-usd
Binance USD (BUSD) $ 0.990857