Meta Accused of Profiting from Cryptocurrency Scam Ads on Facebook and Instagram

A new class action lawsuit has been filed against Meta Platforms Inc., alleging that the company profits from cryptocurrency scam ads on its social media platforms Facebook and Instagram.

The plaintiffs, Niroshini Dassanayake, Kenneth Gugel, and Andrew Svoboda, claim that Meta is aware of the scam ads but does not take meaningful action to prevent them from running on its platforms.

The lawsuit alleges that Meta's algorithms actively steer scam ads toward users who are most likely to engage with them, exacerbating the problem.

The plaintiffs seek certification of a nationwide class and additional sub-classes of persons and entities who received advertisements on Facebook or Instagram and suffered losses after investing in crypto investing scams.