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Brad Garlinghouse and Ripple settle lawsuit against YouTube

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.

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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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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