Ripple Settles Lawsuit With YouTube Over XRP Giveaway Scams


Ripple has ended its lawsuit against YouTube for the social media platform’s alleged complicity in a spate of fake XRP giveaway scams.

March 10, 2021 | AtoZ Markets – Ripple CEO Brad Garlinghouse announced that he and the company have entered into a settlement with YouTube over a lawsuit filed against video hosting in 2020.

Ripple Will Work Together With YouTube to Curb Scams

The plaintiffs accused the Google subsidiary of failing to take action against scammers promoting fake XRP token distributions on their behalf.

“Due to YouTube’s deliberate and inexplicable refusal to combat widespread and harmful fraud on its platform, irreparable damage has been and continues to be caused to the public image, brand and reputation of Ripple and Mr. Garlinghouse,” the statement said.

The parties have now agreed to work together to curb such scams, the head of Ripple said.

He added that the company is using the XRP Forensics team to track fraud-related crypto assets. But, in his opinion, if social networks do not take a more active part in investigations, it will all “look like a game” Kill the mole. “

“Social platforms are beginning to understand their role in preventing crypto scams and recognizing the need to be part of the solution,” Garlinghouse said.

According to Decrypt, the settlement includes co-funding from YouTube and Ripple for a non-profit organization helping victims of cybercrime.

Ripple did not tell the publication the specific forms and sizes of possible companies’ contributions and said they would share information after the completion of the legal work.

Earlier, the XRP Forensics team calculated that deceived users transferred 1.543 million Ripple tokens to the organizers of the fake XRP distributions on YouTube ($725,000 at the time of writing).

Think we missed something? Let us know in the comment section below.

Share Your Opinion, Write a Comment