Ripple settles with Youtube over XRP scam suit

Ripple has settled its legal dispute with Youtube over allegations that the video sharing platform failed to disable scam accounts impersonating its CEO Brad Garlinghouse and offering XRP cryptocurrency give-aways.

The nefarious promotions involved hacked YouTube accounts promising free XRP in return for a small initial payment. A single instance of the Scam reportedly resulted in $15,000 of stolen XRP. Ripple alleged that victims had been defrauded out of millions of XRP valued at hundreds of thousands of dollars.

In a complaint filed with the US district court in Norther California in April last year, Ripple said the scam had caused “irreparable harm” to its public image, brand, and reputation as a “direct consequence of YouTube’s deliberate and inexplicable failure to address a pervasive and injurious fraud occurring on its platform”.

In a series of tweets, Garlinghouse says the firms have reached a resolution and will work together to prevent, detect and take down scam acciounts.

(Excerpt) Read more Here | 2021-03-10 06:48:56
Image credit: source

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