Finance Guru to Sue Facebook Over Crypto Scams

Martin Lewis filed a lawsuit against the social network Facebook for illegal use of his face in crypto ads
24 April 2018   496

British journalist and financial expert Martin Lewis filed a lawsuit against the social network Facebook in the Supreme Court of Great Britain for defamation and illegal use of his face in advertising more than 50 cryptocurrency projects. This is reported by Coindesk.

It's time Facebook was made to take responsibility. It claims to be a platform not a publisher - yet this isn't just a post on a web forum, it is being paid to publish, promulgate and promote what are often fraudulent enterprises. My hope is this lawsuit will force it to change its system.
 

Martin Lewis

Plantiff

Lewis stressed that he had never participated in any advertising campaigns on Facebook, so all the known uses of his name and person to promote crypto or other projects through Facebook or other resources are slander and deception.

He also added that because of Facebook's actions, scammers succeeded in abducting significant funds, and that the social network did not do enough to remove and suppress the appearance of this kind of advertising.

In an interview with BBC, Lewis showed examples of using his name and face in Facebook ads.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   410

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.