• bitcoinBitcoin$70,055.00-1.61%
  • ethereumEthereum$3,541.58-1.23%
  • elrond-erd-2MultiversX$61.601.05%

Ripple CEO Confirms the End of YouTube Lawsuit Over XRP Giveaway Scams

The CEO of Ripple, Brad Garlinghouse, has announced that his company ended its lawsuit against YouTube regarding the social media platform’s alleged involvement in several fake XRP giveaway scams.

Ripple and Garlinghouse had filed a lawsuit against YouTube LLC close to a year ago, in April 2020, in which it was claimed that the platform itself had made a profit from said fraudulent activity and that it didn’t use its administrative powers to put an end to it. Garlinghouse wrote on Twitter yesterday:

“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.”

The scams used spear-phishing attacks in which the account of users is commandeered and its content erased. The account would then be made to look like it belonged to an important crypto figure, such as Garlinghouse himself. A fake XRP giveaway would then follow, which asked from users sums between 5,000 and 1,000,000 XRP over the promise that they would receive back five times the original amount.

Ripple and Garlinghouse claim that YouTube knew about the scams as it continued to run advertisements on the fraudulent videos. Garlinghouse added:

“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.”

The details regarding the settlement are confidential.

Previous articleNext article

Leave a Reply

Your email address will not be published. Required fields are marked *