Tech Giants Pursued in Lawsuit for Anti-Crypto Stance

Tech Giants Pursued in Lawsuit for Anti-Crypto Stance

A number of large tech giants including Facebook, Google, and Twitter are being pursued in Australian courts for their bans on cryptocurrency advertising in 2018, with the case reportedly being “…put before a senior barrister for review, pending funding to file.”

With litigant’s claims already exceeding USD$600 million, the amount in claimed damages are speculated to grow into a multi-billion affair as more people join the no win/no fee class action taking place in Australian courts.

Misuse of Market Power

The claims for damages stem from the advertising ban on cryptocurrency-related products, services and investments on the social media platforms which began in January 2018, towards the tail-end of a cryptocurrency bubble, and a period in which a large number of crypto and ICO-related projects had been revealed to be either fraudulent or business incompetent in the absence of any real regulatory oversight.

However, according to the legal firm organising the action, JPB Liberty, the ban was indiscriminate and thus in breach of the Australian Competition and Consumer Law and, as such, they are seeking “…damages for worldwide losses of Crypto Industry members and investors.”

JPB Liberty state that the advertising ban “…dropped Crypto markets by hundreds of billions of dollars. Crypto exchange volumes also dropped by 60-90%.”

With the new Web 3.0 relying on blockchain technology and digital assets, the lawyers suggest that the technology platforms acted as a cartel in a “…concerted practice that has the purpose and/or likely effect of substantially lessening competition…[which is a]…misuse of market power.”

It is not known at this stage when a verdict will be rendered.