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Youtube Involved In Bitconnect Ponzi Scheme Class Action Lawsuit

Youtube, the biggest video platform on the Internet, has been recently involved in the Bitconnect Ponzi Scheme Class action lawsuit, carried on by the court of the southern district of Florida. This according to new documents released by the West Palm Beach Division, the jurisdiction where the complaint is being examined.
This will surely put Youtube in an uncomfortable situation regarding the Bitconnect fraud, of which it surely did not take part, but took a lenient approach by letting them advertise actively on their platform without being thoroughly examined. Bitconnect was advertised as an almost miraculous investing platform that let you reach revenues of even 1% daily, with an intricate set of investment algorithms, something that was quite suspicious for some people. Then, the worst happened, and Bitconnect went broke, being confirmed the theory that it was a Ponzi fraud, that is, a multiscale pyramid scheme.
Youtube acted as an advertising channel for Bitconnect, with many YouTubers being paid to advertise and explain how the system supposedly worked, and how your earnings were guaranteed. Still, Youtube was unable to detect this and according to the lawsuit, assumed a permissive conduct that allowed users of their platform to be exposed to fraudulent offerings.
This is a rare occurrence, because lately media and social platforms have been unwilling to advertise these types of startups. Facebook and Google even banned all cryptocurrency related ads earlier this year, presumably to protect themselves from this kind of legal issues. But Youtube failed to do this and is now facing the law.
This could well set a precedent if the suit proceeds and Youtube is found to have any degree of responsibility in how Bitconnect reached their users through its platform to scam them. It could bring new and tighter levels of scrutiny and security for user-uploaded content that provides an endorsement for any kind of startup.

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