Crypto News

Ripple Reaches Settlement With YouTube Over XRP Scam Lawsuit

Ripple's Brad Garlinghouse reaches settlement with YouTube over XRP scam

Ripple CEO Brad Garlinghouse announced that the company has ended its lawsuit against YouTube. Which alleged that the social media platform profited off fake XRP giveaways.

The lawsuit was filed last April. Garlinghouse announced on Twitter at the time that Ripple was suing YouTube for failing to stop the scams.

“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 relied on spear-phishing attacks. Which is when a hacker takes over a user’s account and delete its information.

The account would then be set up to look like a cryptocurrency figure such as Garlinghouse himself. A fake XRP giveaway was launched, which obtained sums between 5,000 and 1,000,000 XRP from users. On the promise that they’d make a profit of five times the original amount.

Garlinghouse claimed that YouTube knowingly profited from these scams. As advertisements continued to run on the videos in question.

Garlinghouse recently noted that progress was being made. But that social media sites still had a responsibility to tighten up their platforms.

“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.”

Details regarding the settlement between Ripple and YouTube remain confidential.

Ripple still under investigation by SEC

Despite reaching a settlement with YouTube, Ripple remains under investigation by the U.S. Securities and Exchange Commission (SEC) for an alleged violation of the securities act. The SEC claims Ripple failed to register XRP prior to completing $1.38 billion worth of sales to investors.

How useful was this post?

Click on a star to rate it!

Matt Borelli

Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.

Related "Altcoin" News

xMoon Makes Reddit’s MOON More Useful, But Only Barely
Many cryptocurrency enthusiasts suddenly express an interest in the xMoon exchange. Ever since Reddit introduced its native MOON currency,...
Dogecoin (Doge) Rallies 40% In a Day—And No One Has a Clue Why
Dogecoin (DOGE), a community-driven meme-coin cryptocurrency that initially started as a joke, has rallied by a staggering 40 percent...
What is Cardano(Ada), and Is It A Good Investment in 2021?
London (CoinChapter.com) — Cardano is a cryptocurrency network and an open-source project that runs a public blockchain platform.
XRP Shows Middle Finger to SEC FUD as Price Jumps 795% YTD
Yerevan (CoinChapter.com) — It was not easy for XRP to come out of the fear, uncertainty, and doubt created...
Is Holo (HOT) a Good Buy After Latest Price Dip? Find Out
Yerevan (CoinChapter.com) — Holo prices dropped in the early New York trading session as traders' focus shifted towards top...
Should You Invest In WINk (WIN) In 2021 And Beyond?
Belgium (CoinChapter.com): Many cryptocurrency enthusiasts show excitement toward WIN, the native currency of the WINk project. As most of...