Ripple and YouTube were embroiled in a legal tassel over scam accounts impersonating XRP’s CEO. It has now publicly been revealed through a tweet that the legal dispute between YouTube and Ripple has finally been settled.
Last year, that is in 2020 Ripple and its Chief Executive Officer, Brad Garlinghouse had sued YouTube for failing to disable scam accounts. However, the CEO has now tweeted that the companies have set aside their dispute and untied to work against these scam accounts.
The despicable schemes involved hacked accounts on YouTube that promised free XRP in exchange of a small initial payment. These hacked accounts impersonated Ripple’s CEO, purportedly making users believe that it was the CEO himself offering XRP at such meager rates. Reportedly, a sole instance of the fraudulent scheme resulted in an XRP worth $15,000 being stolen. Ripple’s main concern was that YouTube had failed to invoke its own policies to take down the fake accounts.
The complaint was filed in April 2020 in Northern California with the US district court. Ripple alleged that the XRP users and investors had been swindled of an emphatically large sum of money. In the suit, it was also alleged that the scam had caused irreparable damage to the digital asset’s public image, reputation, and brand. It was alleged that this was a direct outcome of YouTube’s deliberate and unfathomable failure to address the fraud perpetuated on its platform.
Now in a series of tweets, Garlinghouse has clarified the position of the legal war with YouTube. He tweeted that YouTube and Ripple had come to a resolution to join hands to detect, prevent and demolish the fraudulent activities.
He further tweeted that social platforms had started recognizing their role in letting these crypto scams exist. He added to this that social platforms even recognized that they needed to be part of the solution.
Garlinghouse did not go into the details of the settlement terms of the dispute pointing out that they were confidential. He, however, wrote in a tweet that trust eroded in the industry without action and accountability.
It is important that social platforms band together to eliminate crypto scams and fraudulent schemes. Since crypto is a digital currency, all its dealings are done online, thus making it vulnerable to cybercrime. Governments around the globe are scrutinizing crypto and the existing laws regulating it. However, the governments alone cannot prevent such crimes from happening, online platforms will have to join hands with the governments.
Many countries have either already introduced laws related to crypto or are currently in the process of introducing them. With laws, crypto exchange and investment will become a regulated activity hence more accountability will be attached to activities revolving around it.