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09 July 2020

More Bitcoin Scam Ads With Martin Lewis on Instagram — Can We Get a Filter for That?

More Bitcoin Scam Ads With Martin Lewis on Instagram — Can We Get a Filter for That?


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More Bitcoin Scam Ads With Martin Lewis on Instagram — Can We Get a Filter for That?

The misleading adverts show a fake article from British tabloid Mirror with the title, “Martin Lewis lends a hand to British families with Revolutionary Bitcoin Home Based Opportunity.” No such article exists on Mirror, with the media outlet issuing warnings about similar phony content as far back as August 2018.

The Facebook representative further went on to state that while some misleading content may slip through the cracks, platform users should report such ads: .

The court sided with the Big Brother reality show creator, ruling that Facebook must make efforts to remove such content or face significant monetary fines.

According to Alex Nguyen, founding partner at XNOVO legal — a firm specializing in contracts and business structuring litigation — holding social media platforms like Facebook liable for content published by users constitutes a slippery slope.

Apart from crypto scam ads, social media platforms have also come under criticism for allowing or failing to prevent the spread of misleading information, especially in the political scene.

Reactions to the court ruling in the De Mol case raised questions about whether social media platforms like Facebook are fighting a losing battle against creators and publishers of misleading content.

Even with enduring blanket bans on crypto-related advertisements, scammers are still able to publish deceptive investment content on social media platforms.

XNOVO’s Nguyen, however, believes that Facebook and other social media platforms could do more to stop the spread of misleading content

While there are crypto scam ads with fake celebrity endorsements, there are also fraudulent advertisements promoted by “crypto celebs.” In late December 2019, a suspected Bitcoin scammer dubbed “LÈON” orchestrated an exit scam after defrauding victims of about 53 BTC (currently worth $424,000)

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cointelegraph.com
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