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Dutch Billionaire Involved in Bitcoin Scam Scores Legal Victory Against Facebook

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  • Alex Dovbnya
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    John de Mol wins a lawsuit against Facebook after taking the social media monolith to court over fake Bitcoin ads

Dutch Billionaire Involved in Bitcoin Scam Scores Legal Victory Against Facebook
Cover image via www.123rf.com

Social media giant Facebook now has no choice but to clamp down on fraudulent Bitcoin ads after a Dutch court ruled in favor of tycoon John de Mol on Nov. 11, according to Reuters.    

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As reported by U.Today, De Mol, who is particularly famous for creating hit TV shows such as "Big Brother" and "The Voice," sued Facebook back in May after the company failed to remove the ads of Bitcoin investment shams that exploited his name. He estimated that the victims of these scammers had lost up to $1.7 mln.        

Facebook claimed that it did make an effort to ban such bad actors, but they manage to find a way round to appear on their platform once again. 

After the court ruling, Facebook will have to fork out a $1.2 mln fine if it doesn't manage to delete money-grabbing cryptocurrency ads. It will also have to provide all the information that pertains to those users who were behind fraudulent ads.     

“Facebook’s arguments that it is just a neutral funnel for information, and therefore cannot be obligated to act, is not acceptable,” the court said.        

The Mark Zuckerberg-helmed behemoth is already mulling over all possible legal action, and it doesn't rule out appealing the decision. However, it still emphasizes that it is committed to removing such ads from its platform.    

“We cannot stress enough that these types of ads have absolutely no place on Facebook, and we remove them when we find them.”

De Mol wants Facebook to take appropriate measures as soon as possible in order to prevent innocent people from being scammed by bad actors.

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The Dutch billionaire is not alone. Jeremy ClarksonAlex Ferguson, and even Elon Musk have all become the victims of scams in the likes of Bitcoin Revolution that try to lure gullible investors with the help of fake celebrity endorsements. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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