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Ripple's Brad Garlinghouse Will Not Sue YouTube for XRP Giveaway Scams

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Wed, 10/03/2021 - 10:00
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Ripple's Brad Garlinghouse Will Not Sue YouTube for XRP Giveaway Scams
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According to a statement shared by the CEO of Ripple Inc., Brad Garlinghouse, his company reached a settlement with YouTube videohosting. Therefore, he will not sue the platform for failing to shut down scam XRP giveaways.

Peace instead of war

Mr. Garlinghouse announced that his company has come to a resolution with YouTube, the world-leading video hosting platform. He will not sue them for the endless "XRP giveaways" launched by scammers.

Article image
Image via Twitter

Typically, these giveaways are launched on behalf of Ripple Inc. or Mr. Garlinghouse himself. Scammers hijack popular YouTube accounts and rename them "Ripple" to lure gullible investors.

Moreover, Ripple and YouTube will collaborate in preventing, detecting and taking down these scams. CEO Garlinghouse stressed that this is the result of the progress in platforms' understanding of their roles in changing the digital segment:

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Social platforms are starting to acknowledge their role in allowing crypto scams to persist and recognize the need to be part of the solution.

The exact details of the settlement remain confidential.

Fake giveaways steal millions of dollars

Mr. Garlinghouse also mentioned the XRP-focused tools that are useful for  mitigating malicious activity and tracking funds. Namely, it is XRP Forensics instruments by the XRPlorer team. They combat suspicious activity in XRP Ledger accounts.

However, without the platforms' involvement, these practices remains just "whack-a-mole," he admitted.

Related

As covered by U.Today previously, XRP scams remain a very profitable direction for criminal activity in crypto. XRP Forensics analysts calculated that one campaign alone can yield its masterminds more than $60,000 every 24 hours.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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