– Facebook developed Libra while banning the entire cryptocurrency industry from advertising
– Ad ban by Facebook, Google & Twitter was illegal cartel under Australian competition law
– Cartel faces $500 Billion Class Action Lawsuit by cryptocurrency/blockchain industry
Less than 18 months after Facebook led a draconian ban of all cryptocurrency related advertising (“Ad Ban”), it turns out that Facebook itself was planning its own multi-billion dollar Libra cryptocurrency.
Under Facebook’s own “Prohibited Financial Products and Services” Policy from 30 January 2018, Project Libra would have been prohibited from advertising.
No wonder Facebook substantially relaxed the Ad Ban on 8 May, 2019! Bitcoin’s price has more than doubled since.
On 30 January, 14 March and 25 March 2018, Facebook, Google and Twitter announced their respective Ad Bans. 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.
This Ad Ban was a blatantly anti-competitive attack by virtual monopolists on their nascent competitors in the blockchain space. It did immense harm to cryptocurrency investors and the huge number of legitimate projects trying to create a better, decentralised, internet. Banning an entire industry from its main modes of advertising dramatically cut demand, strangling investment and adoption – the markets reacted accordingly.
Was it an anti-competitive tactic deliberately designed to slow down these competitors while Facebook developed Project Libra? JPB Liberty thinks so.
JPB Liberty is an Australian litigation funding company set up by Israelis which has prepared a global class action lawsuit by members of the cryptocurrency industry and holders of cryptocurrency against Facebook, Google & Twitter for breach of the anti-cartel provisions of Australia’s Competition and Consumer Act 2010 (“Act”).
We’ve formed an Australian company from our home in High Tec Israel because Australian laws are more suited to prosecuting this kind of anti-competitive cartel, where huge monopoly companies get together and act to squash and destroy the little guy “, a spokesman for JPB Liberty told 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.
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.
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.
All persons who held cryptocurrency during 2018 and all cryptocurrency/blockchain projects affected by the Ad Ban can join the Class Action on a no-win no-fee basis at www.jpbliberty.com.
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