The Australian Competition and Consumer Commission (ACCC) has alleged that 58% of cryptocurrency advertisements on Facebook are scams or violate Meta's policies. The ACCC's preliminary research indicates the use of deceptive practices in these ads, with celebrities like Chris Hemsworth being used to promote fraudulent schemes. In response, Meta has rejected these claims, arguing that the data is outdated and does not reflect its current fraud detection efforts, which include AI-powered tools and strict compliance measures. Meta has also reportedly zapped 691 million fake accounts. Meanwhile, the Australian Securities and Investment Commission (ASIC) has been actively combating crypto scams, having shut down over 600 scam websites in the past year. Despite these efforts, Australians lost $2.77 billion to scams in 2023, highlighting the ongoing challenges in addressing crypto-related fraud.