Ripple CEO Brad Garlinghouse has announced the completion of a YouTube lawsuit over the fake XRP coin distribution videos.
In April 2020, Brad Garlinghouse filed a lawsuit against YouTube for posting a fake video of his interview. The attackers urged users to deposit from 2,000 to 500,000 XRP, so that in return they received an amount five times higher than these investments.
Garlinghouse accused the video hosting site of knowingly profiting from the actions of the scammers, given that their videos featured ads. According to the head of Ripple, YouTube was unable to enforce its own rules and did not take any measures against criminals posing as leaders of cryptocurrency firms and defaming their reputation.
On March 9, Garlinghouse tweeted the end of the trial from YouTube. The companies decided to cooperate to detect counterfeit materials and suppress such actions of cybercriminals. The details of the Ripple-YouTube agreement have not been disclosed.
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. 1/3
— Brad Garlinghouse (@bgarlinghouse) March 9, 2021
Garlinghouse noted that social media are still responsible for filtering published content themselves. Social platforms are already starting to recognize the need to take action against cryptocurrency scammers. Firms like XRP Forensics are helping to track stolen funds, Garlinghouse said. But media platforms must also be directly involved in the fight against fraud, otherwise the process will resemble a Kill the Mole game that can go on indefinitely.
In contrast to the successful conclusion of the legal dispute with YouTube, Ripple’s litigation with the US Securities and Exchange Commission (SEC) is still ongoing, and the parties do not intend to concede to each other. In December, the SEC charged the company with a $ 1.3 billion sale of unregistered securities, organized in 2013. However, the leadership of Ripple considers the department’s accusations incomplete and unfounded.