In a major victory for Australian mining billionaire Andrew Forrest, a US judge has ruled that his lawsuit against Meta regarding cryptocurrency ad scams will move forward. Forrest, who has been fighting to hold Meta accountable for hosting fraudulent ads bearing his likeness, has been granted the green light to proceed with his claims of negligence against the tech conglomerate.

A Billionaire's Quest for Justice

Forrest, who has an estimated net worth of $16.5 billion, first learned in 2019 that his name and likeness were being used to fraudulently promote cryptocurrencies to Meta users. He alleges that over 1,000 ads ran between April and November last year, costing victims millions of dollars. The ads, which included deepfakes of Forrest promoting crypto, were developed using software made available by Meta, which Forrest claims helped to create some of the scam ads.

Meta's Deflection

Meta has largely deflected responsibility for the ads to the third-party users who generate the advertisements, although the company has offered "sympathy" to those who have been impacted. However, Forrest is determined to hold Meta accountable for its role in the crypto ad scam.

A Crucial Strategic Victory

The ruling by US District Court Judge Casey Pitts is a crucial strategic victory for Forrest, as it allows him to argue that Meta itself was complicit in the production of the sham crypto campaign. Forrest claims that Meta profited more from ads that included his likeness than it would have if the ads had not, and that this is enough to adequately plead that the alleged misappropriation was to Meta's advantage.

A Battle for Accountability

Forrest's lawsuit is a battle for accountability, as he seeks to hold Meta responsible for its role in the crypto ad scam. The mining executive has vowed to continue fighting to protect the rights of innocent investors who have been affected by the scam.

Conclusion

The ruling by Judge Pitts is a significant victory for Forrest, as it allows him to move forward with his lawsuit against Meta. The case highlights the importance of holding tech companies accountable for their actions, and the need for greater transparency and accountability in the cryptocurrency space.