Distributed ledger firm Ripple and its CEO, Brad Garlinghouse, have sued the video-sharing giant YouTube over failure to stop XRP giveaway scammers.
22 April, 2020 | AtoZ Markets – Ripple, the largest owner of XRP digital assets, says YouTube fails to crack down on XRP giveaway scams on its platform. It has caused “irreparable damage to its public image, brand and reputation”. Ripple sues YouTube, and the motion describes this lack of action by YouTube as deliberate and inexplicable.
YouTube Is Teeming With Crypto Scams
According to the complaint, it seems to be that YouTube is not living up to the standards. They set it in their community guidelines to prevent scammers and imitators from accessing the Internet.
Ripple’s complaint centres on “XRP Giveaway” scams rely on hijacked accounts. Scammers deceive victims believing that if they send a certain amount of XRP, they will receive a larger amount in return, alleges the filing. Similar scams with other cryptocurrencies have been around for a long time on Twitter and other platforms.
There is no mention of potential damages yet, although Garlinghouse says the trial reward will be used to reimburse victims of the scam. “Social media companies have failed to prevent their platforms from being misused by fraudsters with imposter giveaway scams. Hundreds of people have been injured, yet big tech is still dragging their feet, “he said.
“Ripple has repeatedly demanded that YouTube take steps to end the scam and prevent further harm. Yet YouTube refuses, even when the same pattern is repeated over and over on its platform. As a result, Ripple and Mr. Garlinghouse continue to suffer significant reputation damage, “said the suit.
Ripple sent at least 25 notices against accounts promoting such gifts. But YouTube did not act quickly, according to the complaint. The lawsuit asks the court to force YouTube to end all alleged scams that use Ripple’s trademarks, shutting down future suspected scams. The lawsuit also asks the court to pay damages, refunds, costs and interest.
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