Cryptocurrency entrepreneurs are preparing to sue Google, Facebook, and Twitter that could cost up to $ 300 billion
Crypto entrepreneurs are suing Twitter, Facebook, and Google in Australia, which will cost these tech companies up to $ 300 billion. Individuals and companies are filing a lawsuit claiming that their businesses were harmed when the three companies conspired to ban cryptocurrency advertising in 2018. The class-action lawsuit in Australia will be represented by a Sydney-based law firm, JPB Liberty.
The ‘David and Goliath’ case has attracted litigants with claims of more than 600 million US dollars (872 million Australian dollars). It is currently under review by a senior attorney and pending funding. JPB Liberty organizes financing of this case from institutional venture capitalists, litigation sponsors, and other ideological affiliates. Those who claim to receive 70% of the final payment (or damage) and sponsors will receive 30%.
The tech giant and the ban on crypto included cryptocurrency entrepreneurs
Crypto businesses are suing big tech companies in Australia that Google, Twitter, and Facebook colluded to ban cryptocurrency ads. Facebook and Twitter included the ban in their terms and conditions within a few weeks of each other in 2018.
Google partially reversed the ban on sweeps in September 2018. It allowed regulated exchanges to buy ads in Japan and the United States.
In 2019, Facebook said it would no longer require prior approval for ads related to blockchain technology. However, cryptocurrency ads still have to go through the review process.
Cryptocurrencies, including Bitcoin, are primarily used to move money across international borders, and the blockchain technology supporting it is transforming data security. Entrepreneurs say that only a few exchanges were regulated in 2018. A class-action lawsuit in Australia stated that a ban on social media advertising was damaging their legal business development when they must not use the world’s largest online advertising platform to reach its potential target audience.
JPB Liberty’s Vice President of Technology Brian Bishko (left) and chief executive Andrew Hamilton (right) pictured in July last year. The pair are spearheading the lawsuit
JPB Liberty’s Israel-based public affairs and technology vice president Brian Bishko thinks Facebook is too strong to exist and a threat to the world. Dr. Bishko says that if your business has an ingredient that even looks like a cryptocurrency, you’ll be swept into the same network. He added that the business might receive a few ads, but eventually, the tech giants will review your account and then block it.
Technology companies cannot be held responsible or responsible for content posted on their platforms. This is because the United States legal protection sees them as a platform for shared content, not publishers. Companies are increasingly making editorial decisions about the content they will host on their respective platforms. The tech giant deposed or deleted accounts, rejected ad requests, and banned individuals and businesses from earning their living through social media with ideological asynchronous with those technology companies. Earlier this year, Google was also sued for illegally exploiting the user data of millions of users through its Incognito Mode by a high-profile litigation firm Boies Schiller Flexner.
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