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The largest IT corporations received a lawsuit for $ 600 million due to the ban on advertising of cryptocurrencies
Lawsuit may still grow to $ 300 billion, JPB Liberty lawyers say.
In 2018, tech giants introduced a ban on advertising cryptocurrency projects for a couple of weeks.
If the lawsuit wins, the plaintiffs will receive 70% of the amount.
In 2018, major tech giants imposed a ban on advertising products related to cryptocurrencies, but subsequently lifted the ban..
Against three tech giants Google, Twitter and FacebookIn June 2019, Facebook announced preparations for the release of the digital currency Libra.
Social media project immediately attracted attention … More class action lawsuit filed totaling $ 600 million.
This is reported by the Daily Mail Australia, citing a lawsuit.
The plaintiffs are represented by Sydney-based law firm JPB Liberty.
JPB Liberty’s lawyers admit that the amount of the claim could rise to $ 300 billion as the cryptocurrency industry lost “significant losses” from corporate actions.
Crypto companies and individuals joining the lawsuit allege that Google, Facebook, and Twitter did significant damage when they banned cryptocurrency ads in 2018.
In 2018, tech giants banned advertisements of any cryptocurrency products for several weeks..
However, Google soon announced that it would partially lift the ban in September 2018 to allow regulated cryptocurrency exchanges to buy ads for audiences in the US and Japan..
A year later, the American social network Facebook removed the tightening of advertising of blockchain products, but still set high requirements for advertising cryptocurrencies and ICOs..
Plaintiffs allege that there were virtually no regulated crypto exchanges in 2018, which means that the ban on social media advertising hurt legitimate business growth, the lawsuit says..
Conflict of interests
In case of winning the court case, the plaintiffs will receive 70% of the possible settlement or damage caused by the above corporations in 2018.
It is noteworthy that the popular YouTube platform, bought by Google in 2006, did not impose any bans, but on the contrary, takes almost no regulatory action regarding fraudulent videos..
Previously BeInCrypto editors reported, that in addition to the claims from Ripple, Apple co-founder Steve Wozniak also intends to sue YouTube for the misuse of his photo by crypto scammers who distributed fake videos about the distribution of cryptocurrency.