Brad Garlinghouse & Ripple Settle YouTube Lawsuit Over XRP Giveaway Scams; Will Work Together
The Chief Executive Officer of Ripple, Brad Garlinghouse, has disclosed that its lawsuit against video-hosting company YouTube over crypto scams has been settled amicably.
Ripple and YouTube would also collaborate to fund a non-profit dedicated to helping victims of cybercrime. Garlinghouse made this known in a tweet where he also stated the companies would donate charitably to help victims affected by the scam.
Ripple And Garlinghouse's Case Against YouTube
In April last year, Ripple Labs and its CEO Brad Garlinghouse had sued YouTube for failing to enforce its security policies. According to the lawsuit, the video-hosting platform had allowed fake accounts to conduct XRP giveaway scams on its website.
The San Francisco-based blockchain company had filed a lawsuit against YouTube over a pool of videos in which scammers impersonated Garlinghouse by uploading clips of him on the platform using it to promote their various scammy XRP giveaways.
Ripple and Garlinghouse had accused YouTube of failing to tackle the problem. They felt betrayed and exposed, claiming that the tech company had turned a blind eye. They further claimed YouTube profited from it by letting the criminals purchase keywords to target more crypto enthusiasts.
Cryptocurrency Scams And Social Media's Role
The problem of criminals using social media to defraud investors is not new as it has been going on not only in the cryptocurrency world but also in the business world. These scammers' tricks of hijacking prominent executives' identities to impersonate and defraud people have also been done to high-profile CEOs like Elon Musk and Richard Branson on social media.
The Ripple CEO emphasized the need for social media platforms to be more proactive in policing their platforms and kicking out impostors. This he said while appreciating the efforts of XRP Forensics for the detection and prevention of financial crime on the XRP Ledger. Garlinghouse tweeted,
“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.”
Garlinghouse added that he had also received violent threats from those who had been fleeced in crypto scams and believed that he had been involved.