Ripple Labs, the creators of XRP tokens, have decided to put an end to their lawsuit against YouTube for the alleged role it had played in the cyber scam that ended up defrauding people by conducting fake XRP giveaways. Brad Garlinghouse, the chief executive of Ripple, made this announcement. According to the reports, video-sharing platform YouTube had been used by the scammers for uploading the clips of Garlinghouse for promoting their numerous scam crypto hustles. They also made use of the platform for conducting fake XRP giveaways. The scammers launched these fake XRP giveaways in which they had solicited sums of XRP between 5,000 and 10,000.
In exchange, they had promised the users that they would receive five times the original amount. A lawsuit had been filed against YouTube by Ripple Labs and Garlinghouse. They claimed that the platform had been fully aware of the fake accounts, but had chosen to turn a blind eye towards them because YouTube also stood to make some monetary profit in the process. Garlinghouse disclosed in a tweet that they had sued YouTube for not enforcing its own policies, as they allowed fake accounts to conduct fake XRP giveaways.
He said that these accounts were impersonating his and Ripple’s verified accounts. He said that they had now decided to work together for detecting, preventing and taking down these scams. While the CEO did say that the lawsuit had been put to an end and the two companies would now be working together for ensuring that such scams don’t happen, he did call out all social media sites to behave more responsibly. The chief executive of Ripple said that it was their responsibility to monitor their platforms and get rid of the fake accounts that exist. The use of social media networks by scammers for hijacking images, names and identities of renowned personalities has become a widespread menace for quite some time now.
Since the cryptocurrency market appears to be growing rather rapidly, this has pushed scammers to come up with new and more creative ways of stealing funds. It wasn’t that long ago that a popular and massive Bitcoin scam had taken place where celebrity influencers had been used for promoting Bitcoin and other cryptocurrency trading schemes. These had turned out to be scams later on, but not before they had managed to scam a lot of people out of their hard-earned money.
Most celebrities who had had their identities stolen were not aware of the fraud, until they had discovered that scammers were ruthlessly abusing their reputation and images for defrauding innocent people. A number of social media platforms and websites were used for conducting these scams and these platforms had made it known that taking down all scam ads had been quite difficult at that time. This was mostly because most of the ads were using fake addresses, locations and phone numbers for this purpose and this had made it difficult to detect and identify them on the platforms.