Andrew Forrest's lawsuit against Meta Platforms Inc. over cryptocurrency scam ads has been dismissed by an Australian court due to insufficient evidence supporting the claims.

The lawsuit, lodged by prominent billionaire Andrew Forrest in the District Court of Western Australia, alleged that Meta Platforms Inc. had allowed deceptive advertisements featuring Forrest's image promoting cryptocurrencies that resulted in significant financial losses for consumers. However, despite these allegations, the court ruled in favor of Meta, citing a lack of concrete evidence to proceed with the legal action.

Under the provisions of the Commonwealth Criminal Code pertaining to anti-money laundering, Forrest, renowned as the chairman of Fortescue Metals Group and one of Australia's wealthiest individuals, filed the suit. He asserted that third parties utilized Meta's platforms, including Facebook, to promote crypto scams with misleading depictions using his likeness to add an air of credibility to their schemes. Forrest contended that such actions would run counter to Australia's anti-money laundering regulations.

While Forrest made allegations against Meta, the tech giant strongly denied all accusations and emphasized its commitment to eradicating fraudulent activities from its platforms. Meta reiterated its stringent stance against scams and outlined the various measures it has implemented to combat misuse. In response to the claims, a Meta representative highlighted the company's dedication to user safety, the complexities of cyber fraud, and the persistent threats posed by sophisticated scam operations.

Following the dismissal of the case in Australian courts, Forrest has persisted in pursuing a civil lawsuit against Meta in the California Northern District Court. This legal battle focuses on accusations that Meta's advertising tools facilitated the proliferation of scam advertisements, leading to financial losses for users. While Forrest's legal team argues that Meta failed to take sufficient precautions, Meta rebuts the claim by citing U.S. laws that typically shield platforms from liability for content posted by third parties.

Despite the court's ruling, Forrest expressed disappointment, particularly for the victims who suffered losses due to the alleged scams. He underscored the broader implications of the verdict, indicating challenges in holding major tech companies accountable under the Australian legal framework. Concurrently, Meta reiterates its dedication to enhancing user protection, refining its systems to better detect and eliminate scams, and upholding its commitment to combat fraudulent activities.