CRYPTOCURRENCY: Israeli company to sue social media giant for $500-B in Australia

Various cryptocurrency logos.
Various cryptocurrency logos. Creative Commons CC0 1.0

Aptly, enough, it will be like a battle of David VS. Goliath.

An Isreal-based company is suing a social media networking giant for $500 billion in Australia.

According to TR News, “Facebook, Google & Twitter have been sent legal letters putting them on notice about this claim for damages exceeding $500 billion, comprising over $350 billion in investor losses from market drops, over $150 billion in cryptocurrency exchange revenue losses and untold billions of cryptocurrency project losses.”

Watch video below:

“The claim is global because it is against both their Australian subsidiaries and parent companies who are doing business in Australia. Anyone worldwide who have suffered loss from the Ad Ban can claim damages,” the news brief stated.

It must be recalled that on 30 January, 14 March and 25 March 2018, Facebook, Google and Twitter announced their respective ad bans on cryptocurrencies.

TR News said that “with each announcement, the cryptocurrency markets plunged: 53% for Facebook, 30% for Google and 23% for Twitter. The Crypto Winter had arrived, courtesy of a Big Tech cartel.”

The Israeli group claims that Facebook later developed Libra while earlier imposing on the entire cryptocurrency industry from advertising on the platform.

Libra is the multi-million dollar crypto currency developed by Facebook to compete with other crypto companies in the market.

Already, Avi Yemini wrote, “an Originating Application has been prepared under section 33C of Part IVA (Representative Proceedings) of the Federal Court of Australia Act 1976 seeking damages under section 82 of the Act.”

More on video library:
    HERE FOR MORE

*****

    inMotion Latest

    inMotion Previous

*****

    Red Monkey Talks Latest

    Red Monkey Talks Previous

.

SUBSCRIBE BECAUSE WHY NOT

Get Cbanga360 Updates by Email, Because Why Not?
Enter your email address to subscribe and receive notifications of latest stories. By Signing Up, You Agree To Our Privacy Policy And European Users Agree To The Data Transfer Policy.

*18

****

SUGGESTED FOR YOU

****

Let's create community! Tell us your thoughts on this article. If logged in with any of your Wordpress.com, Twitter, Facebook, Google+, or registered on this site before, then you can simply write your comment below. Thanks and appreciate your feedback.