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.”
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“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.”