Ripple is settling its lawsuit against YouTube alleging that the video-sharing site has been tolerated and even profited from fake XRP scams on its platform.
The lawsuit, which was filed last year, alleges that YouTube’s failure to stop fraudsters impersonating Ripple and its CEO Brad Garlinghouse for soliciting XRP from unknown victims caused financial damage to XRP users and damaged Ripple’s reputation.
In Garlinghouse’s series of tweets reveal The two companies have resolved the dispute.
“Last year, Ripple and I sued YouTube for failing to enforce its own policies by allowing fake accounts (impersonating my verified Ripple accounts/accounts) to conduct XRP fraud.
We have now come up with a solution to work together to prevent, detect and remove these scams.”
Garlinghouse did not provide details of the settlement, but it highlights the importance of the case and its future implications for the role the social media platform should play in regulating and intercepting the negatives of encryption.
Social platforms are beginning to acknowledge their role in allowing cryptocurrency scams to continue and realize the need to be part of the solution.
Some like xrpforensics help detect/track stolen funds, but the platforms need to drive the payment process or it’s still just whack-a-mole.
While the specific settlement terms are confidential here, it is clear to everyone that without accountability and action, trust in the industry is being eroded, at a critical time as governments around the world are looking closely at cryptocurrencies. “
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