Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating claims against social media platforms for promoting crypto-related scams as sponsored advertisements.
In an effort to gain market share of the limited ad revenue available, several social media companies have resorted to promoting malicious ads from dubious advertisers on their respective platforms. As a result, numerous crypto-related scams are being promoted by the social media platforms as sponsored advertisements. Unsuspecting retail investors engage with these malicious ads that are promoted ultimately end up having their digital asset wallets drained or hacked or getting lured into investing in crypto “pump and dump” schemes.
Last year, The Guardian investigated similiar instances in which UK consumers were exposed to crypto scams while using social media. Their article revealed the human stories and the impact these scams had on their victims. To read the article, click here.
Social media platforms like Twitter, Instagram, and Facebook were grossly negligent in failing to properly vet the ads they published online. As a result, individual victims of malicious ads promoted on various social media platforms are now joining together through a class action brought by law firm Scott+Scott, to seek restitution for losses incurred from the purchase of the scam tokens and disgorgement of the ad revenue that these platforms received from publishing the malicious ads.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please fill out the form below or contact Plaintiff’s counsel, Sean Masson of Scott+Scott, at (212) 519-0522 or via email at [email protected].