Meta and Instagram face a class action lawsuit over crypto scam ads. According to Foresight News, plaintiffs said they clicked crypto investment ads on Facebook and Instagram, were redirected to WhatsApp, and then transferred funds to fake trading platforms before being unable to withdraw.
The complaint targets product design rather than content moderation alone, alleging Meta's ad system targets users interested in crypto and investing. It also claims scammers can pass ad review if they bid high enough.
The lawsuit cites reports and alleged internal materials, saying the platforms display about 15 billion scam ads per day and generate about $700 million in annual "violating revenue." It further alleges the company weighed fines against ad revenue and did not adequately block the ads. The plaintiffs are seeking an injunction, disgorgement, damages, and a jury trial.