Dutch Billionaire John de Mol Sues Facebook Over Fake Bitcoin Ads

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If you cast your mind back to January 2018, Facebook decided to ban all ads on its site that relate to cryptocurrencies and platforms that allow users to trade them. Much of the online world decided to follow suit, but as Facebook decided that crypto might be a good thing, it backtracked and enabled ads once more in June 2018. However, it appears as if a scam that used the name of Dutch billionaire John de Mol appeared on Facebook and it conned a lot of people out of their crypto. Mol is suing Facebook over the fact it allowed the fake ads to feature his name and image, despite complaints from Facebook users.

Another Scam Catching Thousands of People

Sadly, crypto scams are still wildly effective due to the relatively new nature of the industry. However, when a scam appears to have the backing of a well-known business figure like Mol, these scams rake in even more cash. The scam encouraged people to buy Bitcoin through a fake platform and managed to con people out of $1.7 million. Sadly, these types of scams are all too common place, with Australian scammers scooping up $4.3 million during 2018.

Facebook Trying to Stop Fraudulent Ads

Since Facebook announced that it was going to start serving ads related to the crypto world, it promised to put tight controls in place. All crypto ads are supposed to be independently checked by a human and must fit a certain criterion. However, Mol’s law suit alleges that these controls aren’t in place – despite what Facebook promises.

Scammers Trying Harder

As more people like Mol call out scammers for fraudulently using their names, the scammers are forced to develop more intricate webs of lies in order to succeed. The guys behind the GlowCryptos scam but in a lot of work and effort in a bid to scam people out of their hard-earned money. The scam takes advantage of a number of liquidated companies and their registered numbers, as well as a plethora of well-developed fake social media profiles. These new intricate scams are harder to detect, making them frighteningly successful.

Mol has had his reputation tarnished after scammers using it to promote their projects, but the scammers will likely face no comeuppance for their actions. Hopefully Mol can claim some money back in damages from Facebook after these fake ads for a scam were allowed to roam free on the platform.