Crypto News Today: Andrew Forrest Sues Meta Over Scam Facebook Crypto Ads

Australian billionaire Andrew Forrest has taken legal action against Meta Platforms, Inc., the parent company of Facebook, over scam ads promoting fraudulent crypto schemes. Forrest’s lawsuit alleges that Meta profited from ads misusing his likeness to lure individuals into investing in fake crypto projects. This case raises important questions about the responsibility of social media platforms in moderating content and the impact of their ad systems on the spread of misleading information.

In other news, Circle CEO Jeremy Allaire has expressed his strong optimism about the future of cryptocurrency, emphasizing the transformative potential of digital assets and blockchain technology. Additionally, stablecoin transfer volumes have surged by 1500% over the past four years, highlighting the increasing adoption of stablecoins for transactions and as a store of value within the crypto ecosystem.

On the flip side, Bitcoin whales have reportedly sold over $1 billion worth of BTC in the past two weeks, sparking discussions about its potential impact on the price dynamics of the leading cryptocurrency. Meanwhile, the U.S. Securities and Exchange Commission (SEC) has ended its probe into ConsenSys and decided not to pursue legal action concerning Ethereum, a move seen as positive for the Ethereum community and its regulatory concerns.

Lastly, cryptocurrency exchange Kraken faced an extortion attempt after hackers exploited a bug, resulting in a $3 million loss. The exchange has assured its users that it is addressing the situation and enhancing security measures to prevent future incidents. Stay updated on these and more crypto news on the TDR Website!