Ripple and Youtube recently have agreed to work together to tackle the scans on the platform.
Ripple’s court case is now settled by Youtube, which alleged that the platform allowed the fake accounts to impersonate the company and its CEO.
Notably, in April, Youtube was sued by Ripple for failing to police against scams involving XRP, which resulted in monetary damage to the users. It was focused on the frauds that aimed to trick the victims into believing that they will receive a more significant amount of XRP by sending some of the amounts. Ripple filed the complaint on April 2020, and it accused Youtube of selling ads that promote the crypto giveaways. The scammers had created Ripple’s accounts, and some of them were stolen from YouTubers giving the scammers thousands of subscribers. They could post videos from there which offered huge XRP rewards in exchange for smaller payments. The lawsuit was filed to prompt a behavior change and to set the expectation of accountability.
According to Ripple’s official announcement, a San Francisco-based company, Youtube and Ripple, will work together to detect the scams of XRP. Brad Garlinghouse mentioned that these social media platforms play a significant role in the ecosystem of cryptos. He added that he sued Youtube the previous year to enforce the policies by allowing fake accounts to conduct the scams. But, now they have come to a resolution to work for preventing these scams.
XRP forensics are helping in the detection of the stolen funds, but Youtube also needs to take charge of this, according to Brad Garlinghouse. In his series of tweets, Ripple’s CEO added that the social media platforms are now acknowledging their role in the persisting crypto scams, and they recognize their role in the solution.
Although the details of the agreement between Ripple and Youtube are not yet disclosed, it is clear that without action and accountability at the crucial time, the trust will erode. Keeping the settlement terms confidential, Ripple and youtube are settled to prevent this kind of scams.