Nearly a year after filing a lawsuit against YouTube for failing to prevent XRP giveaway scams, Ripple Labs has settled the issue without disclosing any further details.
In the other ongoing Ripple-related lawsuit, the SEC has asked Judge Analisa Torres to deny the payment processor’s motions to dismiss.
Ripple Settles with YouTube
CryptoPotato reported last year in April that the blockchain-based payment protocol undertook legal actions against the largest video-sharing platform – YouTube. Ripple alleged that the Google-owned company had failed to protect its customers from the growing number of fraudulent giveaways.
More specifically, Ripple focused on impersonations of its executives, in which they supposedly offered to double all XRP tokens sent to a particular address. In reality, though, these are just blatant scams as the perpetrator has no intention to send anything back to the user.
Ripple said at the time that it wanted to hold YouTube accountable for not doing its part. Now, about a year later, the two parties have settled the legal dispute, as announced by Ripple’s CEO Brad Garlinghouse.
Although he noted that the precise settlement terms are still confidential, the executive said that YouTube and Ripple have “now come to a resolution to work together to prevent, detect, and take down these scams.”
While specific settlement terms are confidential here, 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. 3/3
— Brad Garlinghouse (@bgarlinghouse) March 9, 2021