In brief:
The CEO of Ripple, Brad Garlinghouse, has announced that the company will be working together with Youtube to take down XRP giveaway scams on the latter social media platform. Mr. Garlinghouse had initially sued Youtube for their inaction to protect users of Youtube from malicious scammers using fictitious giveaways
to fool XRP holders into sending their digital assets to them.Mr. Garlinghouse summarized the series of events as follows.
Last year, Ripple and I sued YouTube for failing to enforce its own policies by allowing fake accounts (impersonating my/Ripple’s verified accounts) to conduct XRP giveaway scams. We’ve now come to a resolution to work together to prevent, detect and take down these scams.
Ripple and Youtube collaborating to rid the crypto-verse of scammers show the commitment by both to turn the social media ecosystem into a healthy one for all digital asset owners.
Mr. Garlinghouse went on to explain that the collaboration with Youtube was a welcome development as social media platforms are best fit to fight off malicious actors of such elaborate scams.
Social platforms are starting to acknowledge their role in allowing crypto scams to persist and recognize the need to be part of the solution. Some like @xrpforensics are helping detect/track stolen funds, but platforms need to lead the charge or it’s still just whack-a-mole.
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.