For the past month or so, virtually every Facebook advert I’ve seen has been for an ICO. Predominantly Paragon’s celebrity-backed scam, also Bolt’s vapourware electric scooter, and loads of others. I’m not sure if this is because Facebook has me pegged as interested in crypto-currencies, or if it’s a general situation for everybody.
I feel like Facebook are taking quite a risk here - it’s clear for all to see that these are scams. They might comply with some rules, somewhere in the world. But they’re basically the modern equivalent of chain letters.
I’m almost certain that Facebook, and Twitter, will be paying all this advertising revenue back in legal fees when they are defending class action lawsuits once everyone’s lost their money.
This is how the conversation is going with a lawyer is going to happen…
Do you have a contract? Yes, it’s at facebook.com/terms.
Has you suffered damage? Damn right, I had some cash and now I’ve got nothing but some worthless hexadecimal numbers.
Was it reasonably foreseeable that Facebook’s actions would cause this damage? Clearly - everyone with any wit can see that Facebook are promoting ponzi schemes in return for cash.
Ok, let’s go to court.
When this money disappears there are going to be people looking for compensation and Facebook, with its bags of cash, US/EU jurisdiction and contractual relationship, is going to look mighty tempting.