What is it with Ripple and lawsuits? The company is under siege from the SEC and remains under investigation, but at least one another lawsuit is what the maker of XRP will not have to worry about.
The one that they filed against YouTube in April 2020.
Ripple and its CEO Brad Garlinghouse had claimed that the world’s most popular video sharing website profited monetarily from fraudulent XRP giveaways. The social media site is alleged to be complicit in those fake giveaway scams.
These scams relied on a technique known as spear-phishing attacks, where the account of a user would be commandeered and its content erased. The account would then be set up to look like a prominent cryptocurrency figure — like Garlinghouse himself.
A fake XRP giveaway would then be launched that solicited sums between 5,000 and 1,000,000 XRP from users on the promise that five times the original amount would be returned to them.
Petrifying, I know.
Well, the latest on the matter is that Ripple has ended its lawsuit against YouTube:
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 makes it a point to note that accountability was require at a time when national governments were examining the cryptocurrency space more closely.
Details regarding the nature of the settlement between Ripple and YouTube remain confidential.
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