The social media giants Google, Facebook, and Twitter are facing a $300 billion class-action lawsuit by cryptocurrency entrepreneurs, individuals, and companies for banning crypto and blockchain ads.
JPB Liberty said,
“A class action will be brought in the federal court of Australia against the social media giants’ Australian subsidiaries and parent companies for breaches of the Australian Competition and Consumer Law.”
Since there were only a few regulated exchanges in 2018, the ad ban affected the entrepreneurs’ business growth, as they were not allowed to use the world’s biggest advertising platforms to reach potential customers.
The ads ban on Twitter was not revoked, but it will allow ads only if the advertising done by a public company that is listed on the stock exchange. More claimants who were adversely hurt by the crypto ad bans are expected by the law firm to join the lawsuit.
Funding for the case is organized by JPB Liberty from venture capital firms, institutional litigation funders, and investors. If the lawsuit is successful, claimants are expected to get 70 percent of any settlement while the funders will receive 30 percent.
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