Ripple settles with Youtube over XRP scam suit

The nefarious promotions involved hacked YouTube accounts promising free XRP in return for a small initial payment. A single instance of the Scam reportedly resulted in $15,000 of stolen XRP. Ripple alleged that victims had been defrauded out of millions of XRP valued at hundreds of thousands of dollars.

In a complaint filed with the US district court in Norther California in April last year, Ripple said the scam had caused “irreparable harm” to its public image, brand, and reputation as a “direct consequence of YouTube’s deliberate and inexplicable failure to address a pervasive and injurious fraud occurring on its platform”.

In a series of tweets, Garlinghouse says the firms have reached a resolution and will work together to prevent, detect and take down scam acciounts.

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