Corporations and social media platforms will be charged in court for damaging commercial activities due to the ban of cryptocurrency advertisement in 2018.
Cryptocurrency companies will file the lawsuit through the Sydney-based law firm JPB Liberty against Google, Facebook, and Twitter over the 2018 ban on advertisement of digital currencies. The plaintiffs will claim that their commercial activities were damaged for up to $300 billion dollars.
The Australian law firm highlighted that the crypto ban led to a market crash worth hundreds of billions of dollars. The firm also notes that this resulted in a fall of trade volume on crypto exchanges ranging between 60 and 90%. The plaintiffs argue that the defendants control much of the advertisement space on the internet and the ban influenced the ability of the cryptocurrency companies to attract new clients.
JPB Liberty estimated the amount of damage at $600 million although it could potentially reach $300 billion. Lawyers await new plaintiffs to join their lawsuit. This applies to everyone who was damaged from the actions of the social media companies and corporations, including holders of cryptocurrency assets in the period between 28 January and 31 December 2018, or later in some cases. The plaintiffs can also join creditors of Mt. Gox, heads of crypto companies, exchanges, service providers for storing a new type of assets, ICO projects, miners, and consultants.
