Ripple sues YouTube

The company specializing in blockchain Ripple accused Youtube for letting individuals tarnish its reputation and that of its cryptocurrency XRP on its video platform.

According to the complaint, the giant Google’s platform has failed to prevent fraudsters to usurp the identity of Ripple and its CEO Brad Garlinghouse to launch fake contests in which they promised big token rewards XRP.

The giveway scam has been known for a long time and has already wreaked havoc on social networks, especially on Twitter, in the past three years. The scammers induce their victims to send a certain number of cryptocurrencies on a wallet to receive a larger quantity in return, except that they never receive anything.

Some of the accounts used by fraudsters, several of which totaled hundreds of thousands of subscribers, were also allegedly stolen from other youtubers and then renamed in Ripple in order to convince victims more easily thanks to the high number of followers.

Blockchain company says scammers have stole millions of XRPs, for an estimated value of hundreds of thousands of dollars. She would also have first issued a twenty reports before going to trial.

Ripple repeatedly demanded that Youtube take steps to prevent and stop these scams. Yet YouTube refuses, even when the same scheme is repeated over and over again on its platform. YouTube's response has been woefully inadequate and incomplete. As a result, Ripple and Mr. Garlinghouse continue to suffer from substantial damage to their reputation, ”the complaint said.

Although the exact amount of XRP stolen is difficult to estimate, we learn that a victim would have lost nearly $ 15,000 XRP to her only.

We take abuse of our platform seriously and take action quickly when we detect violations of our policies, such as scams or identity theft, ”commented a YouTube spokesperson.

Read also : Ripple to face lawsuit against XRP investors