Ripple sued YouTube for damage to its reputation

Ripple sued YouTube for damage to its reputation

The American company Ripple has filed a lawsuit against YouTube. The blockchain project requires video hosting to actively detect fraudulent schemes, delete them after detection, and not make a profit from such videos. Also, the XRP Issuer plans to collect 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 identify many scammers who use its name and the names of associated individuals to defraud 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 are extremely slow to respond to the spread of fake information and take action only when the public attention reaches “epic proportions”.

The channel under the name of brad Garlinghouse was discovered on YouTube in late March. On behalf of the CEO of Ripple, scammers offered users to send their XRP to a specific address in order to get from 20 thousand to 5 million coins in return. In fact, this scheme has been operating in the crypto industry for a long time: criminals take digital money and do not send anything in return.

It was previously reported that since 2018, the number of Twitter users supporting the blockchain startup has fallen by 82%. Experts explain that the rejection of the XRP token is caused by the fall of its exchange rate and the sale of its coins by the company, which is necessary to maintain its financial position.