Class-action suit has so far seen a total of some $600 million damages claims filed in

A legal company led by an Israeli-Australian lawyer is building up a class-action lawsuit against Facebook, Twitter and Google that could be worth up to $300 billion.

The estimate comes from Andrew Hamilton, the head of Sydney-based JPB Liberty, which also has an office in Tel Aviv, who seeks to take the social media giants to court over their respective decisions to ban ads related to cryptocurrencies.

The bans came into effect in 2018, taking a heavy toll on the crypto-market. At the time, the companies explained the move by a desire to protect their customers from shady initial coin offerings that frequently turned out to be a scam.

While Hamilton estimates that the damage done by the companies stands at $300 billion, the total value of damage claims collected thus far stands at about $600 million.

Last month, Micky, Australian website focused on cryptocurrencies, cited him as saying that Australia was the perfect place for filing the lawsuit due to its legal system.

"You just have to prove they put in a provision in a contract that restricted the supply of services," he told the website. "It’s called an exclusionary provision and it’s outright illegal." Read more at i24