Wednesday, April 21, 2021
Home Crypto News Market YouTube And Ripple Settle Their Lawsuit

YouTube And Ripple Settle Their Lawsuit

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Ripple’s case against YouTube over crypto scammers impersonating Ripple’s CEO was ultimately settled quietly.

Scammers use Garlinghouse in their videos

Ripple’s CEO, named Brad Garlinghouse, tweeted on Tuesday that he has settled a lawsuit they filed against YouTube. They filed the lawsuit because of a deluge of videos in which scammers uploaded clips from Garlinghouse to promote various crypto.

Scammers using social media accounts to defraud people is not only known in the cryptocurrency world but also in the business world. For example, scammers have tried to impersonate CEOs such as Elon Musk and Richard Branson on social media.

Ripple and Garlinghouse filed suit against YouTube in April 2020. They claimed the Google-owned company is turning a blind eye to the problem. In addition, they even say they took advantage of it by letting the scammers buy keywords to help them target crypto enthusiasts.

In a series of tweets, Garlinghouse said the settlement would lead Ripple and YouTube to work together to prevent, detect and combat these scams. He said that Ripple is using a forensic company to track down stolen money related to the scandal. However, he added that social media companies should do more.

On a Tuesday, Garlinghouse shared that the legal settlement involves YouTube and Ripple to fund a non-profit organization dedicated to helping cybercrime victims.

Garlinghouse on social media companies

Garlinghouse expressed frustration with social media companies in general. He claimed they are very profitable and can afford to do more to monitor their platforms and kick the cheaters out. He described an incident where he personally reported a fake Garlinghouse account on Instagram. However, he was then informed that Instagram decided that the account was not impersonating him. Garlinghouse added that he has also received violent threats from those who cheated on the crypto scams. These people believed he had been involved.

I’ve been in Silicon Valley for 24 years. All major technology platforms must take responsibility not only for the good they do but also for the way they are misused.

Garlinghouse also said he was open to calls for Section 230 reform. This is a powerful law that protects technology companies from liability for the behavior of their users.

The settlement in the YouTube lawsuit came after a judge discarded an earlier version of Ripple’s lawsuit, citing section 230. In that ruling, the judge described how the scammers had taken over YouTube channels and filled them with fake Ripple content. Finally, he said:

“In some ways, YouTube is also a victim of the hijack.”

 

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

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