Money Saving Expert Says Bitcoin Ads on Facebook Is Costing People Funds and Mental Health
The financial world is filled with people taking risks, usually with the knowledge of how big the losses could possibly be. However, that fantasy is only valid in a world where every exchange is legitimate, and each offer is paid accordingly. However, the crypto industry is riddled with wolves in sheep’s clothing, and that means that some consumers are scammed out of thousands of dollars every day.
When it comes to scams, unless they are traceable, it is usually difficult to pursue action. However, Martin Lewis isn’t letting that stand in his way. He’s a millionaire from England, who has primarily earned his money from advising consumers in the financial industry. His goal is it encourage Facebook to create more stringent processes that can defend investors from becoming victims. He even wants to take it a step further by urging Facebook to issue an apology to the users that have succumbed to the ruses.
Lewis has gone as far as to issue a lawsuit to make this happen. The lawsuit alleges that the scammers used Facebook’s reputation to lure potential investors in their ploys and is requesting retributions worth millions. If this lawsuit ends up seeing a courtroom, and Lewis wins, the profits from the lawsuit will be donated to charity.
Lewis said, “The impact on peoples mental health of losing their retirement funds, or losing their children’s, children’s money that they thought they were investing is catastrophic and life-destructive.”
He commented that the only reason that these consumers were willing to trust the endeavors was due to Facebook’s inadvertent promotion, by allowing them to be posted on the website. Lewis continued, saying “People who say, ‘I’ve lost all my retirement funds, I don’t know how to live, I don’t know how to go on.’ People [are] crying their eyes out. From my perspective, these people say, ‘I only did this because I trusted Martin Lewis.’ You can see how I feel about it.”
The CTO of Facebook, Mike Schroepfer, had informed lawmakers in May that they wanted to initiate a facial recognition software that could eliminate the scams. However, this impractical solution never came to fruition, and Facebook had ultimately decided to be an advertisement-free zone for cryptocurrency. However, this decision was retracted in June, allowing pre-approved entities to promote their services and products, as long as it doesn’t include an ICO.
So far, the only actions that Facebook has taken in response is to increase security, but they are still allowing cryptocurrency platforms and related groups to advertise in accordance with their policy.