- YouTube and Ripple reached a confidential agreement and will work together to prevent and detect scams on the platform.
- Ripple praises XRP Forensics to prevent criminal activity committed on the XRPL.
Via Twitter, Ripple CEO Brad Garlinghouse has confirmed that a settlement has been reached with YouTube. The executive and his company sued the streaming platform in the first quarter of 2020. The legal suit, from Ripple’s perspective, was based on the high number of scams that used Ripple’s brand and Garlinghouse’s name to commit scams.
In addition, Ripple accused YouTube of failing to enforce its own rules and policies against fake accounts that, in the crypto space, took the name of big personalities to convince people to send them money. Vitalik Buterin’s name, Charles Hoskinson, and others have been used to commit these “giveaway scams.” Garlinghouse said:
We’ve now come to a resolution to work together to prevent, detect and take down these scams.
A collaboration and efforts to prevent illicit activities on XRP Ledger
Ripple’s CEO considers it positive that platforms such as YouTube are beginning to acknowledge “their role” in the persistence of these crimes. One of the points that Ripple’s lawsuit emphasized most was the fact that YouTube made little or no effort to remove the fake accounts that executed them, even when the company made reports about scams occurring live.
Garlinghouse did not disclose the terms of the settlement. However, he was grateful that YouTube had become “part of the solution.” At the same time, he acknowledged the efforts of the company XRP Forensics in preventing and detecting funds being stolen or being used to commit illicit activities on the XRP Ledger. Ripple’s executive added:
It’s clear to all that without accountability and action, trust erodes in this industry, at a crucial time when govts around the world are looking closely at crypto.
XRP Forensics responded to Garlinghouse and stated that while their efforts have been important, “all help is appreciated.” In doing so, they invited social media platforms to take any action and added that even when these are executed because of a user complaint, “they go a long way.”
Garlinghouse revealed to news portal Decrypt that as part of his cooperation with YouTube, they will set up an organization to help people who are victims of cybercrime. However, the executive declined to give further details.
Although the news has been welcomed by the community, many users called on Garlinghouse to “settle” the lawsuit with the U.S. Securities and Exchange Commission (SEC). As reported by CNF, the payment solutions company is facing a lawsuit for allegedly conducting an illegal sale of an unregistered security, the XRP token.
Attempts to negotiate a settlement have been unsuccessful. However, Gary Gensler’s takeover as Chairman has generated great hype and some believe it will be positive for the case.