Meta Denies Claim Over Half of Facebook Crypto Ads Are Scams

The Australian Competition and Consumer Commission (ACCC) recently claimed in documents submitted to the federal court that 58% of the cryptocurrency ads reviewed on Facebook were scams. In response, Facebook's parent company Meta denied the view that over half of the cryptocurrency ads on Facebook were scams, stating that the data is outdated and measures have been taken to address the issue. A Meta spokesperson argued that the ACCC's "data is unlikely to accurately reflect the current state of our platform."