**Crypto Ad Scams Rampant on Facebook, Says Australian Watchdog**
Australia's competition watchdog, the ACCC, has revealed that over half of crypto ads on Facebook are either scams or violate Meta’s policies. Preliminary research shows that 58% of reviewed ads were problematic. The ACCC took Meta to court in 2022, accusing it of aiding celebrity crypto scam ads.
These ads often feature high-profile Australians like Chris Hemsworth and Nicole Kidman. Investment scams are the top way Aussies lose money, with $78 million lost in 2024 alone. The ACCC identified 600 ads but is focusing on 234 for now.
Meta claims it invests in systems to combat scams, having removed 691 million fake accounts in late 2023. The case continues, with more findings expected.