Ripple is settling the lawsuit it filed against YouTube alleging the video-sharing site tolerated and even profited from fake XRP giveaway scams on its platform.
The lawsuit, which was filed last year, claimed that YouTube’s failure to prevent fraudsters from impersonating Ripple and its CEO Brad Garlinghouse to solicit XRP from unknowing victims caused monetary damage to XRP users and harmed Ripple’s reputation.
In a series of tweets, Garlinghouse reveals that the two companies have resolved the dispute.
“Last year, Ripple and I sued YouTube for failing to enforce its own policies by allowing fake accounts (impersonating my/Ripple’s verified accounts) to conduct XRP giveaway scams.
We’ve now come to a resolution to work together to prevent, detect and take down these scams.”
Garlinghouse did not provide details of the settlement, but highlights the significance of the case and its future implications for what a social media platform’s role should be in regulating and intercepting crypto cons.
“Social platforms are starting to acknowledge their role in allowing crypto scams to persist and recognize the need to be part of the solution.
Some like @xrpforensics are helping detect/track stolen funds, but platforms need to lead the charge or it’s still just whack-a-mole.
While specific settlement terms are confidential here, it’s clear to all that without accountability and action, trust erodes in this industry, at a crucial time when governments around the world are looking closely at crypto.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Quardia