The CEO of fintech firm Ripple, Brad Garlinghouse, recently revealed that the blockchain firm has settled its dispute with video-streaming behemoth YouTube over XRP giveaway scams. In a series of tweets on March 9, Garlinghouse noted that the two firms have reached an agreement that entails working together.
Ripple Settles With YouTube
As part of the settlement, Ripple and YouTube will be working together to “prevent, detect and take down these scams”. Garlinghouse applauded forensics firms that help track stolen funds, but insisted that social platforms must do more “or it’s still just whack-a-mole.”
Although the exact terms of the settlement weren’t disclosed, Garlinghouse, a long-time Silicon Valley exec, posited that accountability is crucial especially during a time when governments across the globe are taking a closer look at cryptocurrency.
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, 2021In April last year, Ripple and CEO Garlinghouse sued YouTube for failing to police its platform against fraudulent XRP giveaways. Per the suit, Ripple claimed that scammers impersonated the firm and its CEO to bait unsuspecting viewers into sending millions of XRP, leading to significant reputational harm to Ripple and monetary loss to customers.
The alleged XRP scams are similar to many others found on other social media sites and they mostly use the images of well-known celebrities and …
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