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Billionaire wants Facebook to reveal details of man behind bogus crypto scam

Image by Simon Steinberger from Pixabay

Fri, 27 Mar 2020, 00:11 am UTC

Wissam Al Mana has demanded that Facebook drop the names of the people behind the bogus crypto scam that used his photo.

Al Mana, Janet Jackson’s ex-husband, is estimated to be worth 1 billion euros. He owns exclusive regional rights to prominent brands including Harvey Nichols, Alexander McQueen, Balenciaga, and Hermès.

In February, he sued the social media giant for allowing an ad about a cryptocurrency scam using his name to promote itself in the Middle East. Al Mana claimed defamation, malicious falsehood and false advertising from the purported crypto firm “Bitcoin Trader.” He also wanted to know the names, addresses, contact details, payment methods and billing addresses of those behind the ad, Cointelegraph reported.

Al Mana has sued Facebook Ireland Ltd and all the parties involved in the ads. The social giant already removed the ads but the billionaire is concerned that fraudsters would publish similar ads in the future.

High Court Justice Leonie Reynolds urged them to resolve their differences before she hears the order application. They are set for dispute hearing in May, but it might be moved due to the coronavirus outbreak.

According to Cointelegraph, Al Mana was not the only victim of crypto scams. Several other cases also involved big names including Richard Branson, Elon Musk and Bill Gates. Back in November, a Dutch judge also ordered Facebook to pay 10,000 Euros ($10,890) whenever a fake Bitcoin ad featuring John de Mol, creator of the original Dutch version of “Big Brother” and “The Voice” appears.

Meanwhile, Bank of China (BoC) has continued its anti-crypto narrative. It urged people to abstain from investing in digital assets.

“First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue,” BoC wrote.

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