Ripple announced that the company has resolved legal issues with the video-sharing platform, YouTube
Ripple’s lawsuit against YouTube of cryptocurrency scammers impersonating Ripple CEO Brad Garlinghouse, has been smoothly settled. Both will also jointly sponsor charity sharing to the victims in this scam.
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. 2/3
— Brad Garlinghouse (@bgarlinghouse) March 9, 2021
Ripple and Youtube shake hands to mediate after a lawsuit that spanned more than a year
Ripple CEO Brad Garlinghouse officially announced on March 9 that the company smoothly settled a lawsuit it filed to YouTube about a series of videos in which the impostors were uploaded Garlinghouse clips to take advantage of various cryptocurrency scams.
Ripple filed a lawsuit against YouTube in April 2020, claiming that the Google-owned company ignored the problem and even made a profit by allowing scammers to buy keywords to help them target crypto enthusiasts.
Garlinghouse further shared that the legal agreement will involve YouTube and Ripple sponsoring a nonprofit, together to help victims of cybercrime. Ripple declined to provide additional details, such as how much the companies will contribute, and whether the fund offers cash compensation.
Ultimately, the CEO of Ripple stated that he devoted considerable resources to controlling bad guys when he was a senior CEO of Yahoo:
“I’ve been in Silicon Valley for 24 years. Not only do all major tech platforms hold responsibility for ownership of what they’re doing, but also for how to deal with abuse.”
The phenomenon of scammers using social media to steal the names and images of famous executives has been common not only in the crypto world but also in the business world as a whole. Recently, there was an incident of $ 243,153 Bitcoin that was just sent to the fraudulent wallet address “Elon Musk”.
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