Jul 1, 2022

Ripple sues YouTube for damage to reputation

The company claims that video hosting should more actively identify fraudulent schemes. Blockchain project requires compensation.

The American company Ripple filed a lawsuit against YouTube. The blockchain project requires that the video hosting service actively identify fraudulent schemes, delete them after detection and not make a profit from such videos. Also, the XRP issuer plans to recover a certain amount from the service as compensation for damage to the reputation of Brad Garlinghouse, Fortune writes.

“YouTube, other major technology companies and social media platforms should be held accountable for the lack of sufficient fraud prevention measures,” Ripple said in a statement.

The company added that it was able to identifymany scammers who use her name and the names of persons associated with her to deceive hundreds of investors. The project said that users lost thousands of dollars, and in some cases, all their savings. Ripple believes that YouTube and Google react extremely slowly to the dissemination of fake information and take action only when public attention reaches "epic proportions."

A channel named Brad Garlinghouse was discovered onYouTube at the end of March. On behalf of CEO Ripple, fraudsters suggested users send their XRP to a specific address in order to receive from 20 thousand to 5 million coins in return. In fact, such a scheme has been operating in the crypto industry for a long time: criminals take digital money and do not send anything back.

Earlier it became known that since 2018 the number of Twitter users supporting blockchain startup fell by 82%. Experts explain that the refusal of the XRP token is caused by its depreciation and the sale of coins by the company, necessary to maintain its financial position.