Ripple, a San Francisco-based blockchain company, announced that the company has resolved legal issues with the video-sharing platform, YouTube. Ripple and the company’s CEO, Brad Garlinghouse filed a lawsuit against YouTube in 2020 for failing to enforce its policies by allowing fake accounts to conduct XRP giveaway scams.
According to an official announcement by Garlinghouse, Ripple and YouTube will work together to detect XRP scams. The CEO of Ripple mentioned that social media platforms have an important role to play in the cryptocurrency ecosystem. He appreciated the efforts of XRP Forensics for the detection and prevention of financial crime on the XRP Ledger.
“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. 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 XRP Forensics are helping detect/track stolen funds, but platforms need to lead the charge,” Garlinghouse said.
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Cryptocurrency Scams on Social Media
Online scams related to cryptocurrencies are on the rise since the start of 2020. The cryptocurrency market is growing rapidly, and scammers are finding new ways to steal funds. In July 2020, scammers attacked Twitter accounts of some of the most famous personalities in the US and stole more than $120,000 worth of Bitcoin. Ripple warned users in November last year about a fraudulent website offering XRP incentive plans.
“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,” Garlinghouse said about the latest settlement with YouTube.
XRP is the 7th largest cryptocurrency in the world with a market cap of more than $21 billion.