$ 300 BILLION LAWSUIT WILL BE FILED AGAINST GOOGLE, FACEBOOK AND TWITTER

The reason for the litigation was the companies’ refusal from the cryptocurrency advertising in 2018, which, according to the plaintiffs, caused them damage and losses in the amount of $ 300 billion.

We should recall that at the beginning of 2018, the world's largest social network Facebook, supported by Google and Twitter, intentionally abandoned advertising related to the cryptocurrency, which led to a drop in the rate of major cryptocurrencies and a decline in a public interest in them both.

The companies explained their decision by the fact that the emergence of various kinds of complex financial products requires increased level of the users’ protection, which was achieved by the advertising restrictions.

According to the plaintiffs, the defendants control a significant part of the global advertising space, which caused the fact that the ban on cryptocurrencies has significantly hit the industry.

The representatives of the plaintiffs stated that the refusal to advertise cryptocurrencies led to the hundreds billion dollars market collapse, and reduced the trading volume on the exchanges by 90% as well.

The lawsuit will be filed in Australia, and the local divisions of the companies will have to defend a suit. The class-action lawsuit has not been filed yet and the new participants of the case are expected to join it.