Ripple CEO Brad Garlinghouse revealed that he and the company have entered into a settlement with YouTube over a lawsuit filed against video hosting in 2020.
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. 1/3
– Brad Garlinghouse (@bgarlinghouse) March 9, 2021
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 inflicted on 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 uses the services of 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).
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