An Australian litigation company, organized by Israelis, is suing Facebook, Google and Twitter for $5 billion after the tech giants merged to effectively ban all cryptocurrency ads from the platforms.
The company, JBP Liberty, is waging a class action lawsuit on behalf of members of the cryptocurrency industry and holders of cryptocurrency against Facebook, Google and Twitter for breach of the anti-cartel provisions of Australia’s Competition and Consumes Act 2010.
“Turns out, America doesn’t really have the right laws. But, in Australia this is a legal cartel to restrict the supply of an essential product,” JBP Liberty spokesman explains in a video announcing the suit. “We are going to sue Facebook, Google and Twitter for half a trillion dollars – that $500,000,000,000. This isn’t a joke.”
In January 2018, Facebook announced its new policy blocking any advertising promoting crypto-currency products and services to protect the integrity of its advertising platform.
Under the new policy, advertising using phrases such as “New ICO! Buy tokens at a 15% discount NOW!” or “Use your retirement funds to buy Bitcoin!” would not be permitted, Facebook’s policy states. “Ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.”
The coordinated ban by the tech companies crippled the cryptocurrency exchange.
“Immediately after these companies started banning the advertising of basically an entire industry, the cryptocurrency markets dropped like a stone and they carried on dropping,” JBP Liberty spokesman continued. “In fact, we just come through over a year of what the crypto industry called the crypto winter.
While Facebook banned the entire cryptocurrency industry from advertising, it developed its own cryptocurrency, Libra. The tech monopoly unveiled the multi-billion dollar cryptocurrency less than 18 months after implementing the draconian ban against competing cryptocurrencies.
Facebook dramatically relaxed the ad ban on May 8, 2019, which enabled Bitcoin’s price to more than double. Evidently, Project Libra would have been prohibited from advertising if it were subject to Facebook’s own “Prohibited Financial Products and Services” Policy.
“What we have here is that Facebook decided to destroy an industry a year and a half ago, that was worth billions of dollars – was billions of dollars of activity – there were companies starting up raising money trying to put their product out on the market,” the spokesman said. “And suddenly these new start-ups and anybody in the field was denied access to the world’s largest online advertising space, which is Facebook, Google and Twitter together.”
Under Australian competition law, the draconian, anti-competitive ad ban corroborated by virtual monopolists Facebook, Google and Twitter is an illegal cartel.
Facebook, Google & Twitter have been issued legal letters notifying the companies about 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.
Anyone worldwide who have suffered loss from the Ad Ban can claim damages in JBP Liberty’s legal battle against the tech industry. .
“We are looking for three things. We are looking for people who were affected by this advertising ban and that’s people who held cryptocurrency or people who started or were in businesses that were materially affected by being unable to advertise,” the company spokesman said. We are looking for those people to come and join us in a class-action lawsuit.
Australian law, he concluded, is much “more suited to prosecuting this kind of anti-competitive cartel where huge monopoly companies get together and act to squash or destroy the little guy.”
Investigative journalist Laura Loomer is also suing Facebook for alleged defamation after the social media platform banned her on the grounds that she was a “dangerous” individual and a domestic Jewish terrorist.
Facebook banned Loomer on May 2, 2019, along with several other high profile conservatives, from Facebook and Instagram, which is owned by Facebook. At the time of the ban, Loomer had nearly 100,000 followers on Facebook, and over 120,000 on Instagram.
Loomer’s attorney Larry Klayman, the founder of Freedom Watch and a former federal prosecutor, announced the filing of the defamation lawsuit on July 9.
As Facebook is reportedly worth over $63 billion the alleged compensatory and punitive damages are sought for at least over $3 billion U.S. dollars, which is 5% of its net worth — the standard calculation for punitive damages.
In April, Loomer sued Twitter and CAIR for their role in deplatforming her. As reported by the Wall Street Journal, Loomer’s ban came at the instigation of CAIR (Council on American Islamic Relations), a designated Islamic terrorist organization, and was carried out shortly after CAIR’s meeting with Twitter and Facebook executives.
Last week, Facebook updated its policy to permit its users to make death threats or threats that can lead to violence against anyone the social media platform has deemed is “dangerous.”
Theoretically, users may now post content threatening to kill conservative pundits the platform has banned including Loomer, Alex Jones, Paul Joseph Watson, Milo Yiannopolis, and nothing would be done by the company.
In a “Presidential Social Media Summit” on Thursday, President Donald Trump escalated the conservative battle against Facebook, Google and Twitter, where he has an estimated 61 million followers. The president has claimed that the companies are “against me” and suggested U.S. regulators sue them on grounds of anti-conservative bias.
He announced Thursday that he is directing his administration to explore “all regulatory and legislative solutions to protect free speech and the free-speech rights of all Americans.”
The president announced during the summit he is inviting executives from major social media platforms to join him at the White House over the next month.
Regulators at the Justice Department and the Federal Trade Commission are currently pursuing antitrust investigations of Facebook, Google, Apple and Amazon.
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